https://www.taxtmi.com/caselaws?id=400950 The High Court held that the Appellate Tribunal erred in applying Section 14A of the Income Tax Act and Rule 8D of the Income Tax Rules without exempt income. Relying on precedent, the court ruled in favor of the assessee, stating that disallowance cannot exceed exempted income. The case was remanded to the Assessing Officer for proper consideration under Section 14A for the relevant assessment year, following established legal principles. The appeal was decided in favor of the assessee, with no costs awarded to either party. en-us Wed, 28 Oct 2020 00:00:00 +0530 Mon, 23 Nov 2020 14:35:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400950 The High Court held that the Appellate Tribunal erred in applying Section 14A of the Income Tax Act and Rule 8D of the Income Tax Rules without exempt income. Relying on precedent, the court ruled in favor of the assessee, stating that disallowance cannot exceed exempted income. The case was remanded to the Assessing Officer for proper consideration under Section 14A for the relevant assessment year, following established legal principles. The appeal was decided in favor of the assessee, with no costs awarded to either party. Case-Laws Income Tax Wed, 28 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400950