https://www.taxtmi.com/caselaws?id=365174 The ITAT partially allowed the appeals concerning disallowances and interest levies under different sections of the Income Tax Act for the relevant assessment years. The ITAT directed the AO to adopt a reasonable basis for disallowance under section 14A, limiting it to 2% of total exempt income. Additionally, the matter of interest levied under sections 234C and 220(2) was remitted to the AO for proper verification and consideration in accordance with the Act. The disallowance under section 94(7) was not to be included in net profit for book profit computation. en-us Mon, 30 Jul 2018 00:00:00 +0530 Sat, 11 Aug 2018 08:29:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365174 The ITAT partially allowed the appeals concerning disallowances and interest levies under different sections of the Income Tax Act for the relevant assessment years. The ITAT directed the AO to adopt a reasonable basis for disallowance under section 14A, limiting it to 2% of total exempt income. Additionally, the matter of interest levied under sections 234C and 220(2) was remitted to the AO for proper verification and consideration in accordance with the Act. The disallowance under section 94(7) was not to be included in net profit for book profit computation. Case-Laws Income Tax Mon, 30 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365174