https://www.taxtmi.com/caselaws?id=344465 The ITAT's decision in the case focused on two main issues. Firstly, it addressed the restriction of disallowance under section 14A read with Rule 8D of the Income Tax Act, emphasizing the specific circumstances of the case. Secondly, it dealt with the deletion of interest under sections 234B and 234C due to a retrospective amendment to the Income Tax Act, ruling that interest cannot be levied in situations where tax liability arises from subsequent retrospective changes. The Tribunal's decision was influenced by precedents and highlighted the practical challenges individuals face in such scenarios. The appeal was limited to the disallowance issue, with the interest matter not being entertained. en-us Wed, 14 Jun 2017 00:00:00 +0530 Mon, 13 Nov 2017 18:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344465 The ITAT's decision in the case focused on two main issues. Firstly, it addressed the restriction of disallowance under section 14A read with Rule 8D of the Income Tax Act, emphasizing the specific circumstances of the case. Secondly, it dealt with the deletion of interest under sections 234B and 234C due to a retrospective amendment to the Income Tax Act, ruling that interest cannot be levied in situations where tax liability arises from subsequent retrospective changes. The Tribunal's decision was influenced by precedents and highlighted the practical challenges individuals face in such scenarios. The appeal was limited to the disallowance issue, with the interest matter not being entertained. Case-Laws Income Tax Wed, 14 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344465