https://www.taxtmi.com/caselaws?id=381363 Disallowance of expenditure relatable to exempt income under Rule 8D was held capable of being restricted to the expenditure actually claimed by the assessee where the Assessing Officer applied the formula without a proper dissatisfaction finding. The assessee had no interest expenditure and had already made a voluntary disallowance, which the Tribunal accepted. The Court noted that the Revenue's method would produce a disallowance far exceeding the assessee's own expenditure claim, and therefore upheld the restriction of the disallowance to the amount claimed. en-us Mon, 03 Jun 2019 00:00:00 +0530 Sat, 29 Jun 2019 16:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381363 Disallowance of expenditure relatable to exempt income under Rule 8D was held capable of being restricted to the expenditure actually claimed by the assessee where the Assessing Officer applied the formula without a proper dissatisfaction finding. The assessee had no interest expenditure and had already made a voluntary disallowance, which the Tribunal accepted. The Court noted that the Revenue's method would produce a disallowance far exceeding the assessee's own expenditure claim, and therefore upheld the restriction of the disallowance to the amount claimed. Case-Laws Income Tax Mon, 03 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381363