https://www.taxtmi.com/caselaws?id=394322 The Tribunal dismissed the Revenue's appeal on all grounds, upholding the CIT(A)'s decisions. The disallowance under Section 14A was not justified as Rule 8D was found inapplicable for the relevant assessment year. The recalculated Long Term Capital Loss considered the period of holding by the previous owner for indexation. Only direct expenditures related to exempt income were added back to the book profit under Section 115JB. The validity of proceedings initiated under Section 147 was upheld, and the cross-objection by the assessee was dismissed as infructuous. en-us Thu, 05 Mar 2020 00:00:00 +0530 Wed, 08 Apr 2020 18:48:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394322 The Tribunal dismissed the Revenue's appeal on all grounds, upholding the CIT(A)'s decisions. The disallowance under Section 14A was not justified as Rule 8D was found inapplicable for the relevant assessment year. The recalculated Long Term Capital Loss considered the period of holding by the previous owner for indexation. Only direct expenditures related to exempt income were added back to the book profit under Section 115JB. The validity of proceedings initiated under Section 147 was upheld, and the cross-objection by the assessee was dismissed as infructuous. Case-Laws Income Tax Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394322