https://www.taxtmi.com/caselaws?id=192793 The Tribunal overturned the disallowance of expenses related to exempted income under Section 14A of the Income Tax Act. The Assessing Officer initially disallowed expenses amounting to Rs. 75,84,842, but the assessee revised this to Rs. 11,78,104. The Tribunal found that the assessee had sufficient non-interest bearing funds, indicating investments were made from these funds, as per the HDFC Bank Ltd. case. As there were no faults in the disallowance calculation under Rule 8D(3), the Tribunal deleted the addition and upheld the assessee's suo-moto disallowance of Rs. 11,78,104. en-us Thu, 10 Nov 2016 00:00:00 +0530 Tue, 20 Jun 2017 22:22:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192793 The Tribunal overturned the disallowance of expenses related to exempted income under Section 14A of the Income Tax Act. The Assessing Officer initially disallowed expenses amounting to Rs. 75,84,842, but the assessee revised this to Rs. 11,78,104. The Tribunal found that the assessee had sufficient non-interest bearing funds, indicating investments were made from these funds, as per the HDFC Bank Ltd. case. As there were no faults in the disallowance calculation under Rule 8D(3), the Tribunal deleted the addition and upheld the assessee's suo-moto disallowance of Rs. 11,78,104. Case-Laws Income Tax Thu, 10 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192793