https://www.taxtmi.com/caselaws?id=338137 The ITAT Kolkata ruled in favor of the appellant in a tax dispute concerning disallowance under section 14A/Rule 8D for the assessment year 2009-2010. The dispute centered on the disallowance exceeding exempt income, the application of Rule 8D for disallowance calculation, and the use of borrowed funds for investments. The ITAT Kolkata agreed with the appellant's argument that disallowance under Rule 8D should not surpass exempt income, leading to the deletion of the addition made by the AO and confirmed by the CIT(A). en-us Mon, 05 Dec 2016 00:00:00 +0530 Fri, 27 Jan 2017 08:56:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338137 The ITAT Kolkata ruled in favor of the appellant in a tax dispute concerning disallowance under section 14A/Rule 8D for the assessment year 2009-2010. The dispute centered on the disallowance exceeding exempt income, the application of Rule 8D for disallowance calculation, and the use of borrowed funds for investments. The ITAT Kolkata agreed with the appellant's argument that disallowance under Rule 8D should not surpass exempt income, leading to the deletion of the addition made by the AO and confirmed by the CIT(A). Case-Laws Income Tax Mon, 05 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338137