https://www.taxtmi.com/caselaws?id=352091 The Revenue's appeal against the deletion of disallowance under Rule 8D(2)(ii) was dismissed as the Tribunal found no nexus between interest-bearing borrowings and tax-free income investments. The CIT(A)'s confirmation of disallowance under Rule 8D(2)(iii) was set aside for the AO to recalculate based on investments yielding exempt income. The objections regarding interest levy under Sections 234B and 234D were not addressed substantively. The appeal by the Revenue was dismissed, and the cross-objection by the assessee was partly allowed for reevaluation of disallowance calculation. en-us Wed, 22 Nov 2017 00:00:00 +0530 Thu, 07 Dec 2017 08:43:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352091 The Revenue's appeal against the deletion of disallowance under Rule 8D(2)(ii) was dismissed as the Tribunal found no nexus between interest-bearing borrowings and tax-free income investments. The CIT(A)'s confirmation of disallowance under Rule 8D(2)(iii) was set aside for the AO to recalculate based on investments yielding exempt income. The objections regarding interest levy under Sections 234B and 234D were not addressed substantively. The appeal by the Revenue was dismissed, and the cross-objection by the assessee was partly allowed for reevaluation of disallowance calculation. Case-Laws Income Tax Wed, 22 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352091