https://www.taxtmi.com/caselaws?id=367036 Under section 14A of the Income-tax Act, disallowance of expenditure relatable to exempt dividend income cannot exceed the exempt income itself. The assessee had already made a voluntary disallowance under section 14A read with rule 8D that was higher than the dividend income claimed exempt under section 10. Applying the settled cap on section 14A disallowance, the ITAT held that the further disallowance was unsustainable and deleted it in favour of the assessee. en-us Tue, 10 Jul 2018 00:00:00 +0530 Fri, 14 Sep 2018 07:47:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367036 Under section 14A of the Income-tax Act, disallowance of expenditure relatable to exempt dividend income cannot exceed the exempt income itself. The assessee had already made a voluntary disallowance under section 14A read with rule 8D that was higher than the dividend income claimed exempt under section 10. Applying the settled cap on section 14A disallowance, the ITAT held that the further disallowance was unsustainable and deleted it in favour of the assessee. Case-Laws Income Tax Tue, 10 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367036