https://www.taxtmi.com/caselaws?id=400584 The Tribunal partially allowed the appeal challenging disallowances under section 14A of the Income Tax Act for the assessment year 2012-13. It held that interest disallowances under Rule 8D(2)(ii) were unwarranted as the assessee had ample interest-free funds exceeding investments. Discrepancies in computing expenditure under Rule 8D(2)(iii) led to remittance for reassessment. The Tribunal emphasized considering investments generating exempt income for disallowances. The Assessing Officer was directed to reexamine the computation of disallowances under Rule 8D(2)(iii) in line with the law. en-us Tue, 27 Oct 2020 00:00:00 +0530 Wed, 11 Nov 2020 11:56:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400584 The Tribunal partially allowed the appeal challenging disallowances under section 14A of the Income Tax Act for the assessment year 2012-13. It held that interest disallowances under Rule 8D(2)(ii) were unwarranted as the assessee had ample interest-free funds exceeding investments. Discrepancies in computing expenditure under Rule 8D(2)(iii) led to remittance for reassessment. The Tribunal emphasized considering investments generating exempt income for disallowances. The Assessing Officer was directed to reexamine the computation of disallowances under Rule 8D(2)(iii) in line with the law. Case-Laws Income Tax Tue, 27 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400584