https://www.taxtmi.com/caselaws?id=186204 The ITAT Delhi Bench allowed the appeals for A.Y. 2006-07 and 2007-08, deleting the adhoc disallowance under section 14A on tax-free interest and dividend income. The disallowance was deemed unjustified as no actual expenditure was incurred for earning interest on tax-free bonds, and Rule 8D was found not applicable for those assessment years. The disallowance was deleted due to the absence of indirect expenses and the investments being from the assessee's own funds. The decision was based on precedents and the nature of the income. en-us Thu, 31 Mar 2011 00:00:00 +0530 Fri, 09 Sep 2016 17:16:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186204 The ITAT Delhi Bench allowed the appeals for A.Y. 2006-07 and 2007-08, deleting the adhoc disallowance under section 14A on tax-free interest and dividend income. The disallowance was deemed unjustified as no actual expenditure was incurred for earning interest on tax-free bonds, and Rule 8D was found not applicable for those assessment years. The disallowance was deleted due to the absence of indirect expenses and the investments being from the assessee's own funds. The decision was based on precedents and the nature of the income. Case-Laws Income Tax Thu, 31 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186204