https://www.taxtmi.com/caselaws?id=375916 The Tribunal dismissed the Revenue's appeal regarding the disallowance under section 14A of the Income Tax Act, holding that only investments yielding exempt income should be considered for disallowance under Rule 8D. However, the Tribunal allowed the Revenue's appeal on the computation of disallowance under Rule 8D(2)(iii) of the IT Rules, directing the identification and disallowance of expenses debited in the profit and loss account for earning exempt income. The Tribunal upheld the disallowance under Rule 8D(2)(iii) while computing book profits under section 115JB, but allowed the Revenue's appeal on the disallowance of expenses for obtaining controlling interest in companies. en-us Wed, 30 Jan 2019 00:00:00 +0530 Thu, 28 Feb 2019 06:55:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375916 The Tribunal dismissed the Revenue's appeal regarding the disallowance under section 14A of the Income Tax Act, holding that only investments yielding exempt income should be considered for disallowance under Rule 8D. However, the Tribunal allowed the Revenue's appeal on the computation of disallowance under Rule 8D(2)(iii) of the IT Rules, directing the identification and disallowance of expenses debited in the profit and loss account for earning exempt income. The Tribunal upheld the disallowance under Rule 8D(2)(iii) while computing book profits under section 115JB, but allowed the Revenue's appeal on the disallowance of expenses for obtaining controlling interest in companies. Case-Laws Income Tax Wed, 30 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375916