https://www.taxtmi.com/caselaws?id=287198 The tribunal partly allowed both of the assessee's appeals. Regarding the disallowance of deduction under Section 80P(2)(iv) of the Income Tax Act for the sale of seeds, the tribunal reduced the allocation of indirect expenses from 40% to 20% of the gross profit, directing the AO to allow the deduction on the balance amount. Concerning the disallowance under Section 14A read with Rule 8D, related to exempt income under Section 10(34), the tribunal deleted the disallowance of Rs. 7,98,033/- as it found that the investments were made from the assessee's own funds and that Section 14A does not apply to deductions under Chapter VIA. en-us Tue, 30 Apr 2019 00:00:00 +0530 Fri, 03 Apr 2020 10:52:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287198 The tribunal partly allowed both of the assessee's appeals. Regarding the disallowance of deduction under Section 80P(2)(iv) of the Income Tax Act for the sale of seeds, the tribunal reduced the allocation of indirect expenses from 40% to 20% of the gross profit, directing the AO to allow the deduction on the balance amount. Concerning the disallowance under Section 14A read with Rule 8D, related to exempt income under Section 10(34), the tribunal deleted the disallowance of Rs. 7,98,033/- as it found that the investments were made from the assessee's own funds and that Section 14A does not apply to deductions under Chapter VIA. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287198