https://www.taxtmi.com/caselaws?id=399426 The ITAT upheld the assessee's method of computing disallowance under Section 14A for book profits under Section 115JB, referencing a prior decision for A.Y. 2012-13. It directed the AO to accept the assessee's computation for the relevant years. Additionally, the Tribunal sustained the CIT(A)'s directive to exclude investments not yielding exempt income, dismissing the Revenue's appeal. Consequently, the assessee's appeals were allowed, and the Revenue's appeals were dismissed. The judgment was pronounced in July 2020, delayed due to the COVID-19 pandemic, following rules and extensions from the Bombay HC. en-us Mon, 20 Jul 2020 00:00:00 +0530 Fri, 08 Nov 2024 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399426 The ITAT upheld the assessee's method of computing disallowance under Section 14A for book profits under Section 115JB, referencing a prior decision for A.Y. 2012-13. It directed the AO to accept the assessee's computation for the relevant years. Additionally, the Tribunal sustained the CIT(A)'s directive to exclude investments not yielding exempt income, dismissing the Revenue's appeal. Consequently, the assessee's appeals were allowed, and the Revenue's appeals were dismissed. The judgment was pronounced in July 2020, delayed due to the COVID-19 pandemic, following rules and extensions from the Bombay HC. Case-Laws Income Tax Mon, 20 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399426