https://www.taxtmi.com/caselaws?id=327481 The ITAT Mumbai partially allowed the appeals for the assessment years 2008-09 to 2010-11, focusing on the validity of assessment orders and the disallowance under section 14A of the I.T. Act. The Tribunal modified the disallowance amounts made by the authorities, emphasizing the nexus between borrowed funds, investment income, and business income. The Tribunal upheld disallowance under Rule 8D(2)(iii) but reduced/disallowed disallowance under Rule 8D(2)(ii) for the relevant years, leading to a favorable outcome for the appellant. en-us Wed, 30 Mar 2016 00:00:00 +0530 Thu, 12 May 2016 01:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327481 The ITAT Mumbai partially allowed the appeals for the assessment years 2008-09 to 2010-11, focusing on the validity of assessment orders and the disallowance under section 14A of the I.T. Act. The Tribunal modified the disallowance amounts made by the authorities, emphasizing the nexus between borrowed funds, investment income, and business income. The Tribunal upheld disallowance under Rule 8D(2)(iii) but reduced/disallowed disallowance under Rule 8D(2)(ii) for the relevant years, leading to a favorable outcome for the appellant. Case-Laws Income Tax Wed, 30 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327481