https://www.taxtmi.com/caselaws?id=381623 The Tribunal upheld the CIT(A)'s decision to restrict the disallowance under Section 14A read with Rule 8D to 0.5% of average investment income, dismissing both Revenue and Assessee's appeals on this issue. Regarding the disallowance of interest on customer's deposit account, the Tribunal confirmed that the interest should not be disallowed, partly allowing the Assessee's appeal for statistical purposes. Additionally, the Tribunal directed the AO to allow reconciliation of the deposits. On the addition of prior period income, the Tribunal agreed with the Assessee that prior period income should be netted off against prior period expenses, remanding the issue back to the AO for recomputation. en-us Wed, 12 Jun 2019 00:00:00 +0530 Fri, 14 Jun 2019 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381623 The Tribunal upheld the CIT(A)'s decision to restrict the disallowance under Section 14A read with Rule 8D to 0.5% of average investment income, dismissing both Revenue and Assessee's appeals on this issue. Regarding the disallowance of interest on customer's deposit account, the Tribunal confirmed that the interest should not be disallowed, partly allowing the Assessee's appeal for statistical purposes. Additionally, the Tribunal directed the AO to allow reconciliation of the deposits. On the addition of prior period income, the Tribunal agreed with the Assessee that prior period income should be netted off against prior period expenses, remanding the issue back to the AO for recomputation. Case-Laws Income Tax Wed, 12 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381623