https://www.taxtmi.com/caselaws?id=351084 The ITAT ruled in favor of the assessee regarding disallowance under Section 14A of the Income Tax Act, emphasizing that only investments yielding exempt income should be considered for disallowance calculations. The ITAT directed the AO to exclude strategic investments and adhere to judicial precedents. Additionally, the ITAT held that the disallowance under Section 14A should not be added to book profits for Minimum Alternate Tax (MAT) computation under Section 115JB, following the Special Bench decision in ACIT v. Vireet Investment P Ltd. The matters were remanded to the AO for fresh computations in line with the ITAT's directives. en-us Thu, 16 Nov 2017 00:00:00 +0530 Wed, 29 Nov 2017 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351084 The ITAT ruled in favor of the assessee regarding disallowance under Section 14A of the Income Tax Act, emphasizing that only investments yielding exempt income should be considered for disallowance calculations. The ITAT directed the AO to exclude strategic investments and adhere to judicial precedents. Additionally, the ITAT held that the disallowance under Section 14A should not be added to book profits for Minimum Alternate Tax (MAT) computation under Section 115JB, following the Special Bench decision in ACIT v. Vireet Investment P Ltd. The matters were remanded to the AO for fresh computations in line with the ITAT's directives. Case-Laws Income Tax Thu, 16 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351084