https://www.taxtmi.com/caselaws?id=332291 The High Court upheld the ITAT's decision regarding the disallowance of exempt income under Section 14A of the Act read with Rule 8D. The Court clarified that the disallowance amount should be calculated based on Rule 8D (iii) which specifies considering only "an amount equal to one-half percent of the value of the investment." The Court dismissed the Revenue's appeal, emphasizing that not all investments but only those explicitly mentioned in Rule 8D (iii) should be taken into account for the calculation, concluding that no substantial question of law arose in the case. en-us Fri, 19 Aug 2016 00:00:00 +0530 Tue, 13 Sep 2016 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332291 The High Court upheld the ITAT's decision regarding the disallowance of exempt income under Section 14A of the Act read with Rule 8D. The Court clarified that the disallowance amount should be calculated based on Rule 8D (iii) which specifies considering only "an amount equal to one-half percent of the value of the investment." The Court dismissed the Revenue's appeal, emphasizing that not all investments but only those explicitly mentioned in Rule 8D (iii) should be taken into account for the calculation, concluding that no substantial question of law arose in the case. Case-Laws Income Tax Fri, 19 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332291