https://www.taxtmi.com/caselaws?id=380225 The Court remitted the matter back to the Assessing Authority for the correct application of Rule 8D and the computation of the disallowance amount under Section 14A of the Income Tax Act. It emphasized that the disallowance under Section 14A cannot exceed the exempted income disclosed and assessed by the Authority, with a usual norm of 2% of exempted income as permissible disallowance. The Court disposed of the Appeal without addressing the Substantial Questions of Law raised by the Revenue, directing a reassessment by the Authority. en-us Thu, 04 Apr 2019 00:00:00 +0530 Thu, 16 May 2019 08:03:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380225 The Court remitted the matter back to the Assessing Authority for the correct application of Rule 8D and the computation of the disallowance amount under Section 14A of the Income Tax Act. It emphasized that the disallowance under Section 14A cannot exceed the exempted income disclosed and assessed by the Authority, with a usual norm of 2% of exempted income as permissible disallowance. The Court disposed of the Appeal without addressing the Substantial Questions of Law raised by the Revenue, directing a reassessment by the Authority. Case-Laws Income Tax Thu, 04 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380225