https://www.taxtmi.com/caselaws?id=400736 The appeal was allowed on both issues regarding disallowances under section 14A and section 36(1)(iii) of the Income Tax Act. The disallowance of Rs. 173,455 under section 14A was directed to be deleted as the Assessing Officer did not record satisfaction before applying Rule 8D. Additionally, the disallowance of interest expenditure of Rs. 2,677,324 under section 36(1)(iii) was also directed to be deleted as the loans were presumed to be from interest-free funds based on the available interest-free funds exceeding the loans given. en-us Fri, 23 Oct 2020 00:00:00 +0530 Tue, 17 Nov 2020 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400736 The appeal was allowed on both issues regarding disallowances under section 14A and section 36(1)(iii) of the Income Tax Act. The disallowance of Rs. 173,455 under section 14A was directed to be deleted as the Assessing Officer did not record satisfaction before applying Rule 8D. Additionally, the disallowance of interest expenditure of Rs. 2,677,324 under section 36(1)(iii) was also directed to be deleted as the loans were presumed to be from interest-free funds based on the available interest-free funds exceeding the loans given. Case-Laws Income Tax Fri, 23 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400736