https://www.taxtmi.com/caselaws?id=355007 The Tribunal held that the disallowance under section 14A r.w. Rule 8D should not surpass the dividend income earned by the assessee. As the assessee had voluntarily disallowed expenses higher than the dividend income, no further disallowance was justified under Rule 8D. Relying on precedent, the Tribunal directed the Assessing Officer to restrict the disallowance to the dividend income earned, deleting the excess amount for income computation. Consequently, the Tribunal allowed the appeal and ordered the deletion of the disallowance made under Rule 8D(2)(iii) of the I.T. Rules. en-us Wed, 20 Dec 2017 00:00:00 +0530 Thu, 08 Feb 2018 07:49:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355007 The Tribunal held that the disallowance under section 14A r.w. Rule 8D should not surpass the dividend income earned by the assessee. As the assessee had voluntarily disallowed expenses higher than the dividend income, no further disallowance was justified under Rule 8D. Relying on precedent, the Tribunal directed the Assessing Officer to restrict the disallowance to the dividend income earned, deleting the excess amount for income computation. Consequently, the Tribunal allowed the appeal and ordered the deletion of the disallowance made under Rule 8D(2)(iii) of the I.T. Rules. Case-Laws Income Tax Wed, 20 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355007