https://www.taxtmi.com/caselaws?id=282670 The Court ruled in favor of the Assessee, holding that the disallowance under Section 14A of the Income Tax Act cannot exceed the Assessee's exempt income. The Appeal was partially allowed, reversing the Tribunal's decision to limit the disallowance to the amount of exempt income earned by the Assessee. The Court emphasized the need for a rational nexus between expenses and income earned, in line with previous High Court judgments on the matter. en-us Tue, 23 Apr 2019 00:00:00 +0530 Wed, 19 Feb 2020 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282670 The Court ruled in favor of the Assessee, holding that the disallowance under Section 14A of the Income Tax Act cannot exceed the Assessee's exempt income. The Appeal was partially allowed, reversing the Tribunal's decision to limit the disallowance to the amount of exempt income earned by the Assessee. The Court emphasized the need for a rational nexus between expenses and income earned, in line with previous High Court judgments on the matter. Case-Laws Income Tax Tue, 23 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282670