https://www.taxtmi.com/caselaws?id=280903 The Tribunal allowed the appeal, reversing the lower authorities' decision to disallow expenses related to exempt income under Rule 8D(2)(iii). The Tribunal held that the Assessing Officer must be satisfied with the correctness of the assessee's claim before making any disallowance, as per the legal principle established by the Bombay High Court. Since the AO did not record any satisfaction regarding the claim for expenses related to exempt income, the disallowance was not justified, leading to the Tribunal allowing the assessee's claim. en-us Mon, 08 Jan 2018 00:00:00 +0530 Sat, 25 May 2019 09:52:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280903 The Tribunal allowed the appeal, reversing the lower authorities' decision to disallow expenses related to exempt income under Rule 8D(2)(iii). The Tribunal held that the Assessing Officer must be satisfied with the correctness of the assessee's claim before making any disallowance, as per the legal principle established by the Bombay High Court. Since the AO did not record any satisfaction regarding the claim for expenses related to exempt income, the disallowance was not justified, leading to the Tribunal allowing the assessee's claim. Case-Laws Income Tax Mon, 08 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280903