https://www.taxtmi.com/caselaws?id=400052 The case involved a tax appeal under Section 260A of the Income Tax Act, 1961, regarding the disallowance of interest expenditure under Section 14A r.w. Rule 8D(2)(ii). The Assessing Officer's disallowance was reduced by the CIT (A) and further decreased by the Tribunal based on precedents and the exempted income declared by the assessee. The Tribunal emphasized that the disallowance cannot exceed the exempted income, citing relevant judgments. The High Court found no jurisdictional error in the Tribunal's order and clarified the context for calculating disallowances, ultimately dismissing the Revenue's appeal. en-us Mon, 12 Oct 2020 00:00:00 +0530 Mon, 26 Oct 2020 13:26:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400052 The case involved a tax appeal under Section 260A of the Income Tax Act, 1961, regarding the disallowance of interest expenditure under Section 14A r.w. Rule 8D(2)(ii). The Assessing Officer's disallowance was reduced by the CIT (A) and further decreased by the Tribunal based on precedents and the exempted income declared by the assessee. The Tribunal emphasized that the disallowance cannot exceed the exempted income, citing relevant judgments. The High Court found no jurisdictional error in the Tribunal's order and clarified the context for calculating disallowances, ultimately dismissing the Revenue's appeal. Case-Laws Income Tax Mon, 12 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400052