https://www.taxtmi.com/caselaws?id=337033 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee in a case concerning the interpretation of section 2(22)(e) of the IT Act and the disallowance of expenses under rule 8D(2)(iii) of the Income Tax Rules, 1962. The Tribunal held that the provisions of section 2(22)(e) did not apply as the subsidiary company was considered a company in which the public was substantially interested. Additionally, the disallowance under rule 8D(2)(iii) was deleted based on precedents and the specific circumstances of the case, leading to the dismissal of the revenue's appeal. en-us Thu, 29 Dec 2016 00:00:00 +0530 Mon, 02 Jan 2017 10:26:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337033 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee in a case concerning the interpretation of section 2(22)(e) of the IT Act and the disallowance of expenses under rule 8D(2)(iii) of the Income Tax Rules, 1962. The Tribunal held that the provisions of section 2(22)(e) did not apply as the subsidiary company was considered a company in which the public was substantially interested. Additionally, the disallowance under rule 8D(2)(iii) was deleted based on precedents and the specific circumstances of the case, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Thu, 29 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337033