https://www.taxtmi.com/caselaws?id=401463 Disallowance under section 14A was sustained where the fact-finding authorities accepted that the assessee had sufficient interest-free funds and that not all investments generated exempt income; on that basis, interest disallowance under Rule 8D(2)(ii) was deleted and administrative disallowance under Rule 8D(2)(iii) was confined to exempt-income yielding investments, with no perversity shown in the factual findings. On prior period income, the Tribunal correctly directed netting off prior period expenditure against prior period income and taxation only of the net amount after verification and hearing. No substantial question of law arose, and the appeal was dismissed. en-us Tue, 17 Nov 2020 00:00:00 +0530 Wed, 24 Mar 2021 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401463 Disallowance under section 14A was sustained where the fact-finding authorities accepted that the assessee had sufficient interest-free funds and that not all investments generated exempt income; on that basis, interest disallowance under Rule 8D(2)(ii) was deleted and administrative disallowance under Rule 8D(2)(iii) was confined to exempt-income yielding investments, with no perversity shown in the factual findings. On prior period income, the Tribunal correctly directed netting off prior period expenditure against prior period income and taxation only of the net amount after verification and hearing. No substantial question of law arose, and the appeal was dismissed. Case-Laws Income Tax Tue, 17 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401463