https://www.taxtmi.com/caselaws?id=284156 The Tribunal ruled in favor of the assessee for assessment years 2014-15 and 2015-16, holding that disallowance under section 14A cannot exceed the exempt income earned during the year. The disallowance was restricted to the exempt income, and the matters were remitted to the AO for recalculating the disallowance accordingly. The Revenue's appeal challenging this restriction was allowed for statistical purposes, with the issue also remitted back to the AO for further consideration. en-us Mon, 15 Jul 2019 00:00:00 +0530 Mon, 04 Nov 2019 06:31:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284156 The Tribunal ruled in favor of the assessee for assessment years 2014-15 and 2015-16, holding that disallowance under section 14A cannot exceed the exempt income earned during the year. The disallowance was restricted to the exempt income, and the matters were remitted to the AO for recalculating the disallowance accordingly. The Revenue's appeal challenging this restriction was allowed for statistical purposes, with the issue also remitted back to the AO for further consideration. Case-Laws Income Tax Mon, 15 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284156