https://www.taxtmi.com/caselaws?id=398786 The ITAT dismissed the revenue's appeal, affirming the CIT(A)'s decisions. It upheld the restriction of disallowance under Section 14A read with Rule 8D(2)(iii) to 5% of dividend income and confirmed no disallowance was needed under Rule 8D(2)(ii) due to sufficient interest-free funds. Additionally, the ITAT agreed that disallowance under Section 14A cannot be added to book profits for Section 115JB purposes, referencing established judicial precedent. The delay in pronouncing the order was justified due to the COVID-19 pandemic, with the ITAT excluding the lockdown period from the pronouncement requirement. The order was pronounced on 06/07/2020. en-us Mon, 06 Jul 2020 00:00:00 +0530 Tue, 05 Nov 2024 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398786 The ITAT dismissed the revenue's appeal, affirming the CIT(A)'s decisions. It upheld the restriction of disallowance under Section 14A read with Rule 8D(2)(iii) to 5% of dividend income and confirmed no disallowance was needed under Rule 8D(2)(ii) due to sufficient interest-free funds. Additionally, the ITAT agreed that disallowance under Section 14A cannot be added to book profits for Section 115JB purposes, referencing established judicial precedent. The delay in pronouncing the order was justified due to the COVID-19 pandemic, with the ITAT excluding the lockdown period from the pronouncement requirement. The order was pronounced on 06/07/2020. Case-Laws Income Tax Mon, 06 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398786