https://www.taxtmi.com/caselaws?id=383510 The Tribunal partly allowed the assessee's appeal and dismissed the Revenue's appeal in a case concerning the disallowance of expenses under section 14A of the Income-tax Act, 1961. The Tribunal held that the disallowance under section 14A cannot exceed the exempt income earned by the assessee. It directed the deletion of the disallowance of interest under rule 8D(2)(ii) and allowed only specific expenses related to general activities for disallowance under rule 8D(2)(iii), emphasizing the necessity of a nexus between expenses and income earned. en-us Wed, 17 Jul 2019 00:00:00 +0530 Thu, 25 Jul 2019 08:51:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383510 The Tribunal partly allowed the assessee's appeal and dismissed the Revenue's appeal in a case concerning the disallowance of expenses under section 14A of the Income-tax Act, 1961. The Tribunal held that the disallowance under section 14A cannot exceed the exempt income earned by the assessee. It directed the deletion of the disallowance of interest under rule 8D(2)(ii) and allowed only specific expenses related to general activities for disallowance under rule 8D(2)(iii), emphasizing the necessity of a nexus between expenses and income earned. Case-Laws Income Tax Wed, 17 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383510