https://www.taxtmi.com/caselaws?id=200548 The Tribunal allowed the appeal, vacating the disallowance imposed by the Assessing Officer under section 14A of the Income Tax Act, 1961. The decision was based on the appellant's argument that interest-free funds exceeded investments yielding tax-exempt income, supported by legal precedents. The Tribunal found that no interest payment could be attributed to tax-exempt investments, relaxing the strict interpretation of rule 8D(2)(ii) due to practical and legal considerations. Ultimately, the Tribunal concluded that the appellant's disallowance was sufficient, leading to the relief granted by overturning the initial disallowance. en-us Fri, 28 Apr 2017 00:00:00 +0530 Tue, 03 Apr 2018 21:20:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200548 The Tribunal allowed the appeal, vacating the disallowance imposed by the Assessing Officer under section 14A of the Income Tax Act, 1961. The decision was based on the appellant's argument that interest-free funds exceeded investments yielding tax-exempt income, supported by legal precedents. The Tribunal found that no interest payment could be attributed to tax-exempt investments, relaxing the strict interpretation of rule 8D(2)(ii) due to practical and legal considerations. Ultimately, the Tribunal concluded that the appellant's disallowance was sufficient, leading to the relief granted by overturning the initial disallowance. Case-Laws Income Tax Fri, 28 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200548