https://www.taxtmi.com/caselaws?id=279698 The Tribunal upheld the decision of the CIT(A) regarding the disallowance made under s.14A of the Income Tax Act. It was established that the disallowance under Section 14A r.w. Rule 8D cannot exceed the exempt income itself. As the assessee had already computed expenditure attributable to exempt income more than the exempt income itself, no further disallowance was deemed necessary. The Tribunal agreed with the CIT(A)'s conclusion and dismissed the Revenue's appeal, emphasizing that the disallowance cannot surpass the exempt income based on legal precedents. en-us Wed, 29 Mar 2017 00:00:00 +0530 Tue, 02 Apr 2019 07:16:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279698 The Tribunal upheld the decision of the CIT(A) regarding the disallowance made under s.14A of the Income Tax Act. It was established that the disallowance under Section 14A r.w. Rule 8D cannot exceed the exempt income itself. As the assessee had already computed expenditure attributable to exempt income more than the exempt income itself, no further disallowance was deemed necessary. The Tribunal agreed with the CIT(A)'s conclusion and dismissed the Revenue's appeal, emphasizing that the disallowance cannot surpass the exempt income based on legal precedents. Case-Laws Income Tax Wed, 29 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279698