https://www.taxtmi.com/caselaws?id=393724 The tribunal partially allowed the appeals concerning disallowance under Section 14A of the Income Tax Act for exempted income earned. It directed the Assessing Officer to restrict the disallowance to the exempt income earned by the assessee and to consider only investments yielding exempt income for indirect expenditure disallowance. Additionally, the tribunal instructed the AO to add back direct expenditures related to earning exempt income while computing Book Profits under Section 115JB. The tribunal ordered a recomputation of income under normal provisions and Section 115JB for both Assessment Years, resulting in partial allowance of the appeals. en-us Mon, 10 Feb 2020 00:00:00 +0530 Sat, 21 Mar 2020 12:18:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393724 The tribunal partially allowed the appeals concerning disallowance under Section 14A of the Income Tax Act for exempted income earned. It directed the Assessing Officer to restrict the disallowance to the exempt income earned by the assessee and to consider only investments yielding exempt income for indirect expenditure disallowance. Additionally, the tribunal instructed the AO to add back direct expenditures related to earning exempt income while computing Book Profits under Section 115JB. The tribunal ordered a recomputation of income under normal provisions and Section 115JB for both Assessment Years, resulting in partial allowance of the appeals. Case-Laws Income Tax Mon, 10 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393724