https://www.taxtmi.com/caselaws?id=380220 The appeal was partly allowed, with the delay in presenting the appeal before the Tribunal being condoned due to satisfactory reasons provided by the assessee. Disallowance under section 14A of the Income Tax Act was addressed, with the Tribunal ruling that interest relatable to investments yielding exempt income should be disallowed, and disallowance under Rule 8D(2)(ii) was deemed unsustainable. The disallowance under Rule 8D(2)(iii) was upheld at 0.5% of the average value of investments. Additionally, the disallowance of foreign tour expenses was deleted as the foreign tour was found to be related to genuine business activities. en-us Tue, 14 May 2019 00:00:00 +0530 Wed, 15 May 2019 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380220 The appeal was partly allowed, with the delay in presenting the appeal before the Tribunal being condoned due to satisfactory reasons provided by the assessee. Disallowance under section 14A of the Income Tax Act was addressed, with the Tribunal ruling that interest relatable to investments yielding exempt income should be disallowed, and disallowance under Rule 8D(2)(ii) was deemed unsustainable. The disallowance under Rule 8D(2)(iii) was upheld at 0.5% of the average value of investments. Additionally, the disallowance of foreign tour expenses was deleted as the foreign tour was found to be related to genuine business activities. Case-Laws Income Tax Tue, 14 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380220