https://www.taxtmi.com/caselaws?id=291108 The Tribunal allowed the appeal of the assessee, overturning the CIT(A)'s order that upheld the AO's disallowance of expenses related to exempted income under section 14A read with Rule 8D. The Tribunal, referencing a decision by the Bombay High Court and previous Tribunal rulings, found the issue in favor of the assessee, deleting the disallowance. The Senior DR acknowledged the precedent favoring the assessee but relied on lower authorities' decisions. The Tribunal's decision was pronounced in open court on 19-04-2017, granting the assessee's claim. en-us Wed, 19 Apr 2017 00:00:00 +0530 Wed, 13 Nov 2024 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291108 The Tribunal allowed the appeal of the assessee, overturning the CIT(A)'s order that upheld the AO's disallowance of expenses related to exempted income under section 14A read with Rule 8D. The Tribunal, referencing a decision by the Bombay High Court and previous Tribunal rulings, found the issue in favor of the assessee, deleting the disallowance. The Senior DR acknowledged the precedent favoring the assessee but relied on lower authorities' decisions. The Tribunal's decision was pronounced in open court on 19-04-2017, granting the assessee's claim. Case-Laws Income Tax Wed, 19 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291108