https://www.taxtmi.com/caselaws?id=274407 The Appellate Tribunal held that Section 14A of the Income Tax Act applies even when shares are held as stock-in-trade, based on a Supreme Court decision. Regarding Rule 8D, the Tribunal ruled that the Assessing Officer cannot directly apply the computation mechanism and must verify the assessee's accounts for a fair determination of disallowance. The Tribunal allowed the appellant's appeal, directing a fresh assessment to determine the correct disallowance amount based on a thorough examination of the accounts. en-us Wed, 11 Apr 2018 00:00:00 +0530 Sun, 12 Aug 2018 13:26:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274407 The Appellate Tribunal held that Section 14A of the Income Tax Act applies even when shares are held as stock-in-trade, based on a Supreme Court decision. Regarding Rule 8D, the Tribunal ruled that the Assessing Officer cannot directly apply the computation mechanism and must verify the assessee's accounts for a fair determination of disallowance. The Tribunal allowed the appellant's appeal, directing a fresh assessment to determine the correct disallowance amount based on a thorough examination of the accounts. Case-Laws Income Tax Wed, 11 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274407