https://www.taxtmi.com/caselaws?id=364802 The Tribunal upheld the disallowance of &8377; 9,12,39,472 under section 14A of the Income-tax Act, 1961 read with Rule 8D. It directed a reevaluation of the &8377; 8,53,28,239 interest expenditure disallowance calculation and the computation of disallowance under Rule 8D(2)(iii) to include only investments generating exempt income. The Tribunal emphasized a thorough assessment of borrowed funds for disallowance and clarified the applicability of Rule 8D for the first time in the assessment year 2008-09. It also capped the disallowance under section 14A to not exceed the exempt income earned by the assessee. en-us Thu, 02 Aug 2018 00:00:00 +0530 Sat, 04 Aug 2018 08:30:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364802 The Tribunal upheld the disallowance of &8377; 9,12,39,472 under section 14A of the Income-tax Act, 1961 read with Rule 8D. It directed a reevaluation of the &8377; 8,53,28,239 interest expenditure disallowance calculation and the computation of disallowance under Rule 8D(2)(iii) to include only investments generating exempt income. The Tribunal emphasized a thorough assessment of borrowed funds for disallowance and clarified the applicability of Rule 8D for the first time in the assessment year 2008-09. It also capped the disallowance under section 14A to not exceed the exempt income earned by the assessee. Case-Laws Income Tax Thu, 02 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364802