https://www.taxtmi.com/caselaws?id=355012 The Tribunal upheld the disallowance of Rs.37,22,144 under section 14A of the Income Tax Act, 1961, emphasizing the mandatory nature of disallowance under Rule 8D(2) for earning exempt income, regardless of actual expenses incurred. The jurisdiction under section 14A read with Rule 8D was affirmed, and the disallowance was recomputed to Rs.10,000, ensuring it did not exceed the exempt income. The Tribunal clarified the application of Rule 8D(2) and dismissed the appeal, highlighting the prescribed methodology for disallowance despite the absence of actual expenses. en-us Mon, 15 Jan 2018 00:00:00 +0530 Thu, 08 Feb 2018 07:49:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355012 The Tribunal upheld the disallowance of Rs.37,22,144 under section 14A of the Income Tax Act, 1961, emphasizing the mandatory nature of disallowance under Rule 8D(2) for earning exempt income, regardless of actual expenses incurred. The jurisdiction under section 14A read with Rule 8D was affirmed, and the disallowance was recomputed to Rs.10,000, ensuring it did not exceed the exempt income. The Tribunal clarified the application of Rule 8D(2) and dismissed the appeal, highlighting the prescribed methodology for disallowance despite the absence of actual expenses. Case-Laws Income Tax Mon, 15 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355012