https://www.taxtmi.com/caselaws?id=288198 The ITAT Mumbai allowed the Assessee's appeal, ruling in their favor on the disallowance under Section 14A of the Act r.w.r 8D. The court held that interest expenses should be netted off against interest income, and only investments yielding exempt income should be considered for assessing expenditure. The decision favored the Assessee on the issues of interest expenses and administrative cost disallowance, setting aside the CIT(A)'s findings and remanding the issue to the AO for reconsideration. en-us Wed, 31 Jul 2019 00:00:00 +0530 Mon, 25 May 2020 17:15:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288198 The ITAT Mumbai allowed the Assessee's appeal, ruling in their favor on the disallowance under Section 14A of the Act r.w.r 8D. The court held that interest expenses should be netted off against interest income, and only investments yielding exempt income should be considered for assessing expenditure. The decision favored the Assessee on the issues of interest expenses and administrative cost disallowance, setting aside the CIT(A)'s findings and remanding the issue to the AO for reconsideration. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288198