https://www.taxtmi.com/caselaws?id=285215 The Appellate Tribunal partially allowed the appeal of the assessee in a case involving disallowance under section 14A of the Income Tax Act, 1961, and addition of undisclosed interest income. The Tribunal held that the Assessing Officer must record proper satisfaction before invoking Rule 8D for disallowance under section 14A. As the Assessing Officer had not applied his mind and the appellant had made a suo moto disallowance, the disallowance under section 14A was deleted. Regarding the undisclosed interest income, the Tribunal directed further investigation to verify the appellant's custodianship of the funds under court directions, partially allowing this ground for statistical purposes. en-us Fri, 10 May 2019 00:00:00 +0530 Thu, 02 Jan 2020 16:18:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285215 The Appellate Tribunal partially allowed the appeal of the assessee in a case involving disallowance under section 14A of the Income Tax Act, 1961, and addition of undisclosed interest income. The Tribunal held that the Assessing Officer must record proper satisfaction before invoking Rule 8D for disallowance under section 14A. As the Assessing Officer had not applied his mind and the appellant had made a suo moto disallowance, the disallowance under section 14A was deleted. Regarding the undisclosed interest income, the Tribunal directed further investigation to verify the appellant's custodianship of the funds under court directions, partially allowing this ground for statistical purposes. Case-Laws Income Tax Fri, 10 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285215