https://www.taxtmi.com/caselaws?id=284137 For section 14A read with rule 8D, the computation of disallowance was confined to investments that actually yielded exempt income during the relevant year. The Tribunal also accepted that the resulting disallowance cannot exceed the exempt income earned. On that basis, the section 14A disallowance was directed to be recomputed by applying rule 8D only to such exempt-income investments and by restricting the final figure to the lower of the exempt income and the amount determined under the rule. The assessee therefore obtained partial relief and the matter was remanded for fresh computation on the restricted basis. en-us Fri, 06 Jul 2018 00:00:00 +0530 Sun, 03 Nov 2019 18:56:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284137 For section 14A read with rule 8D, the computation of disallowance was confined to investments that actually yielded exempt income during the relevant year. The Tribunal also accepted that the resulting disallowance cannot exceed the exempt income earned. On that basis, the section 14A disallowance was directed to be recomputed by applying rule 8D only to such exempt-income investments and by restricting the final figure to the lower of the exempt income and the amount determined under the rule. The assessee therefore obtained partial relief and the matter was remanded for fresh computation on the restricted basis. Case-Laws Income Tax Fri, 06 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284137