https://www.taxtmi.com/caselaws?id=348048 The Tribunal partly allowed the appeal, emphasizing that the disallowance under section 14A should not exceed the exempt income earned by the assessee. The judgment highlighted the mandatory nature of disallowance under section 14A r.w.r. 8D and the requirement for the AO to follow the prescribed formula, even if the assessee claims no expenditure was incurred to earn exempt income. The decision also underscored the importance of substantiating claims regarding strategic investments and the need for disallowance not to exceed the exempt income earned. en-us Wed, 26 Jul 2017 00:00:00 +0530 Fri, 15 Sep 2017 09:50:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348048 The Tribunal partly allowed the appeal, emphasizing that the disallowance under section 14A should not exceed the exempt income earned by the assessee. The judgment highlighted the mandatory nature of disallowance under section 14A r.w.r. 8D and the requirement for the AO to follow the prescribed formula, even if the assessee claims no expenditure was incurred to earn exempt income. The decision also underscored the importance of substantiating claims regarding strategic investments and the need for disallowance not to exceed the exempt income earned. Case-Laws Income Tax Wed, 26 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348048