https://www.taxtmi.com/caselaws?id=186247 The Tribunal allowed the appeal, holding that the assessing officer must first examine the claim of the assessee before resorting to Rule 8D for disallowance u/s 14A of the Income Tax Act. The Tribunal accepted the appellant's contention that no expenditure should have been disallowed, as the claim of nil expenditure was not properly examined. Additionally, the disallowance exceeding the total expenditure claimed was deemed incorrect. The Tribunal concluded that disallowance cannot exceed the actual expenditure claimed and that expenses should be proportionately allocated between taxable and exempt income. en-us Wed, 25 Jan 2012 00:00:00 +0530 Mon, 12 Sep 2016 16:01:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186247 The Tribunal allowed the appeal, holding that the assessing officer must first examine the claim of the assessee before resorting to Rule 8D for disallowance u/s 14A of the Income Tax Act. The Tribunal accepted the appellant's contention that no expenditure should have been disallowed, as the claim of nil expenditure was not properly examined. Additionally, the disallowance exceeding the total expenditure claimed was deemed incorrect. The Tribunal concluded that disallowance cannot exceed the actual expenditure claimed and that expenses should be proportionately allocated between taxable and exempt income. Case-Laws Income Tax Wed, 25 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186247