https://www.taxtmi.com/caselaws?id=375104 The High Court upheld the Tribunal's decision regarding the disallowance of expenditure under Section 14A of the Income Tax Act read with Rule 8D of the Rules. The Court clarified that the disallowance should not exceed the exempt income earned by the assessee during the relevant year, even if it surpasses the expenditure incurred. The voluntary disallowance made by the assessee was accepted, and the Court found no error in the Tribunal's ruling, ultimately dismissing the tax appeal. en-us Mon, 04 Feb 2019 00:00:00 +0530 Wed, 19 Feb 2020 15:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375104 The High Court upheld the Tribunal's decision regarding the disallowance of expenditure under Section 14A of the Income Tax Act read with Rule 8D of the Rules. The Court clarified that the disallowance should not exceed the exempt income earned by the assessee during the relevant year, even if it surpasses the expenditure incurred. The voluntary disallowance made by the assessee was accepted, and the Court found no error in the Tribunal's ruling, ultimately dismissing the tax appeal. Case-Laws Income Tax Mon, 04 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375104