https://www.taxtmi.com/caselaws?id=186773 The Tribunal allowed the appeal in favor of the appellant, holding that the disallowance under section 14A read with Rule 8D was unsustainable as no income was claimed to be exempt in that year. The Tribunal relied on legal precedents, including judgments of the Supreme Court and the Bombay High Court, to direct the Assessing Officer to delete the disallowance of Rs. 7,02,596. The decision emphasized that the provisions of section 14A read with Rule 8D were not applicable retrospectively and that the CIT(A) erred in dismissing the appeal without considering the case laws relied upon by the appellant. en-us Fri, 17 Jul 2015 00:00:00 +0530 Fri, 30 Sep 2016 06:26:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186773 The Tribunal allowed the appeal in favor of the appellant, holding that the disallowance under section 14A read with Rule 8D was unsustainable as no income was claimed to be exempt in that year. The Tribunal relied on legal precedents, including judgments of the Supreme Court and the Bombay High Court, to direct the Assessing Officer to delete the disallowance of Rs. 7,02,596. The decision emphasized that the provisions of section 14A read with Rule 8D were not applicable retrospectively and that the CIT(A) erred in dismissing the appeal without considering the case laws relied upon by the appellant. Case-Laws Income Tax Fri, 17 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186773