https://www.taxtmi.com/caselaws?id=351778 The tribunal partly allowed the appeals for AY 2011-12 and AY 2012-13, directing verification and recomputation by the AO. Disallowance under Section 14A was reduced based on the assessee's voluntary disallowance and use of borrowed funds for investments. Book profits under Section 115JB for MAT were computed considering only investments yielding exempt income. Certain investments were excluded from disallowance computation, and verification of HO expenses was directed. The tribunal emphasized accurate disallowance computation and ruled that assessed income can be below returned income in regular assessment proceedings. en-us Tue, 28 Nov 2017 00:00:00 +0530 Thu, 30 Nov 2017 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351778 The tribunal partly allowed the appeals for AY 2011-12 and AY 2012-13, directing verification and recomputation by the AO. Disallowance under Section 14A was reduced based on the assessee's voluntary disallowance and use of borrowed funds for investments. Book profits under Section 115JB for MAT were computed considering only investments yielding exempt income. Certain investments were excluded from disallowance computation, and verification of HO expenses was directed. The tribunal emphasized accurate disallowance computation and ruled that assessed income can be below returned income in regular assessment proceedings. Case-Laws Income Tax Tue, 28 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351778