https://www.taxtmi.com/caselaws?id=401007 The Tribunal remanded the case to the Assessing Officer for fresh adjudication, directing that the disallowance under Rule 8D should not exceed the exempt income earned during the year. The Authorized Representative's arguments regarding interest expenditure and satisfaction requirements were considered, with emphasis on factual verification of interest-free funds and investments. The Tribunal held that if the assessee had sufficient funds for investments, no disallowance of interest expenditure should be made, and directed computation of disallowance considering only investments yielding exempt income. The appeal was allowed for statistical purposes. en-us Wed, 27 May 2020 00:00:00 +0530 Wed, 25 Nov 2020 09:58:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401007 The Tribunal remanded the case to the Assessing Officer for fresh adjudication, directing that the disallowance under Rule 8D should not exceed the exempt income earned during the year. The Authorized Representative's arguments regarding interest expenditure and satisfaction requirements were considered, with emphasis on factual verification of interest-free funds and investments. The Tribunal held that if the assessee had sufficient funds for investments, no disallowance of interest expenditure should be made, and directed computation of disallowance considering only investments yielding exempt income. The appeal was allowed for statistical purposes. Case-Laws Income Tax Wed, 27 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401007