https://www.taxtmi.com/caselaws?id=380322 The Tribunal held that the disallowance under section 14A read with rule 8D cannot exceed the exempt income amount, directing the AO to restrict the disallowance accordingly. Regarding the addition of disallowance to book profits under section 115JB, the Tribunal ruled that no addition can be made in respect of disallowance under section 14A read with rule 8D while computing book profits. The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal, upholding the Ld. CIT(A)'s decision based on precedent cases. en-us Mon, 13 May 2019 00:00:00 +0530 Sat, 18 May 2019 06:50:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380322 The Tribunal held that the disallowance under section 14A read with rule 8D cannot exceed the exempt income amount, directing the AO to restrict the disallowance accordingly. Regarding the addition of disallowance to book profits under section 115JB, the Tribunal ruled that no addition can be made in respect of disallowance under section 14A read with rule 8D while computing book profits. The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal, upholding the Ld. CIT(A)'s decision based on precedent cases. Case-Laws Income Tax Mon, 13 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380322