https://www.taxtmi.com/caselaws?id=184903 The Tribunal upheld the deletion of an addition of &8377; 57.68 lakhs made by the Assessing Officer under section 14A of the Act read with Rule 8D of the Income Tax Rules. The ld. CIT(Appeals) found that the Assessing Officer lacked evidence that loan funds were used for investments, supporting the assessee's position. The Tribunal ruled that without recorded satisfaction by the Assessing Officer, no further disallowance could be made under section 14A. Consequently, the Tribunal dismissed the Revenue's appeal and the Cross Objection, affirming the decision of the ld. CIT(Appeals). en-us Fri, 04 Mar 2016 00:00:00 +0530 Sat, 23 Jul 2016 20:31:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184903 The Tribunal upheld the deletion of an addition of &8377; 57.68 lakhs made by the Assessing Officer under section 14A of the Act read with Rule 8D of the Income Tax Rules. The ld. CIT(Appeals) found that the Assessing Officer lacked evidence that loan funds were used for investments, supporting the assessee's position. The Tribunal ruled that without recorded satisfaction by the Assessing Officer, no further disallowance could be made under section 14A. Consequently, the Tribunal dismissed the Revenue's appeal and the Cross Objection, affirming the decision of the ld. CIT(Appeals). Case-Laws Income Tax Fri, 04 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184903