https://www.taxtmi.com/caselaws?id=383059 The High Court dismissed the tax appeal filed by the Revenue regarding the disallowance under Section 14A of the Income Tax Act, 1961. The Court upheld the decision of the Income Tax Appellate Tribunal, which had deleted the disallowance under Section 14A read with Rule 8D. The Court emphasized the necessity for the Assessing Officer to be satisfied before applying Rule 8D and clarified that the presence of mixed funds does not automatically trigger its application. The judgment reaffirmed the importance of recording satisfaction and providing reasons, ultimately leading to the dismissal of the appeal. en-us Tue, 09 Jul 2019 00:00:00 +0530 Mon, 15 Jul 2019 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383059 The High Court dismissed the tax appeal filed by the Revenue regarding the disallowance under Section 14A of the Income Tax Act, 1961. The Court upheld the decision of the Income Tax Appellate Tribunal, which had deleted the disallowance under Section 14A read with Rule 8D. The Court emphasized the necessity for the Assessing Officer to be satisfied before applying Rule 8D and clarified that the presence of mixed funds does not automatically trigger its application. The judgment reaffirmed the importance of recording satisfaction and providing reasons, ultimately leading to the dismissal of the appeal. Case-Laws Income Tax Tue, 09 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383059