https://www.taxtmi.com/caselaws?id=189413 The court upheld the decision to set aside the disallowance made by the Assessing Officer under Section 14A of the Income Tax Act. It emphasized the need for the Assessing Officer to establish non-satisfaction with the correctness of the claim for disallowance and the lack of a direct nexus between borrowed funds and tax-free investments. The court also agreed with the Appellate Authorities regarding the computation of expenditure under Rule 8D, where a nexus between interest-bearing funds and investments made was required. The appeal was dismissed as no substantial question of law was identified. en-us Fri, 20 Nov 2015 00:00:00 +0530 Sun, 08 Jan 2017 19:21:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189413 The court upheld the decision to set aside the disallowance made by the Assessing Officer under Section 14A of the Income Tax Act. It emphasized the need for the Assessing Officer to establish non-satisfaction with the correctness of the claim for disallowance and the lack of a direct nexus between borrowed funds and tax-free investments. The court also agreed with the Appellate Authorities regarding the computation of expenditure under Rule 8D, where a nexus between interest-bearing funds and investments made was required. The appeal was dismissed as no substantial question of law was identified. Case-Laws Income Tax Fri, 20 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189413