https://www.taxtmi.com/caselaws?id=401917 The ITAT partially allowed the Revenue's appeal against the deletion of disallowance under Rule 8D(2)(ii) and u/s. 14A while computing book profits u/s. 115JB. The ITAT upheld the deletion of disallowance under Rule 8D(2)(ii) based on the assessee's interest-free funds exceeding investments generating exempt income. Regarding disallowance u/s. 14A for computing book profits, the ITAT referred the issue back to the Assessing Officer to calculate profits without applying Rule 8D. The assessee's cross objection was allowed to compute disallowance under Rule 8D(2)(iii) based on investments yielding dividend income. en-us Wed, 30 Sep 2020 00:00:00 +0530 Sat, 19 Dec 2020 07:35:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401917 The ITAT partially allowed the Revenue's appeal against the deletion of disallowance under Rule 8D(2)(ii) and u/s. 14A while computing book profits u/s. 115JB. The ITAT upheld the deletion of disallowance under Rule 8D(2)(ii) based on the assessee's interest-free funds exceeding investments generating exempt income. Regarding disallowance u/s. 14A for computing book profits, the ITAT referred the issue back to the Assessing Officer to calculate profits without applying Rule 8D. The assessee's cross objection was allowed to compute disallowance under Rule 8D(2)(iii) based on investments yielding dividend income. Case-Laws Income Tax Wed, 30 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401917