https://www.taxtmi.com/caselaws?id=288101 The Tribunal upheld the CIT(A)'s decision to restrict the disallowance under section 14A r.w.r. 8D of the IT Act to Rs. 5,512 instead of the initial amount of Rs. 1,79,74,266. The Tribunal aligned with the Special Bench's ruling that only the average value of investments generating exempt income should be considered for disallowance. As the assessee received dividend income from a current investment, the Tribunal agreed with the CIT(A)'s calculation of 0.5% of the investment amount as expenses for earning exempt income. The Tribunal dismissed the Revenue's appeal, affirming the reduced disallowance amount. en-us Tue, 31 Dec 2019 00:00:00 +0530 Wed, 20 May 2020 09:30:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288101 The Tribunal upheld the CIT(A)'s decision to restrict the disallowance under section 14A r.w.r. 8D of the IT Act to Rs. 5,512 instead of the initial amount of Rs. 1,79,74,266. The Tribunal aligned with the Special Bench's ruling that only the average value of investments generating exempt income should be considered for disallowance. As the assessee received dividend income from a current investment, the Tribunal agreed with the CIT(A)'s calculation of 0.5% of the investment amount as expenses for earning exempt income. The Tribunal dismissed the Revenue's appeal, affirming the reduced disallowance amount. Case-Laws Income Tax Tue, 31 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288101