https://www.taxtmi.com/caselaws?id=402072 The Tribunal ruled in favor of the assessee on both issues. Regarding the deduction under Section 80IA, the Tribunal directed the Assessing Officer to allow the claim, emphasizing that once a deduction is permitted in the initial year, it cannot be denied in subsequent years without disrupting the initial assessment. Concerning the disallowance under Section 14A, the Tribunal restricted the disallowance to the actual exempt income earned, in line with the Gujarat High Court's decision that disallowance cannot surpass the exempt income. The appeal by the assessee was entirely allowed. en-us Thu, 17 Dec 2020 00:00:00 +0530 Wed, 23 Dec 2020 15:08:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402072 The Tribunal ruled in favor of the assessee on both issues. Regarding the deduction under Section 80IA, the Tribunal directed the Assessing Officer to allow the claim, emphasizing that once a deduction is permitted in the initial year, it cannot be denied in subsequent years without disrupting the initial assessment. Concerning the disallowance under Section 14A, the Tribunal restricted the disallowance to the actual exempt income earned, in line with the Gujarat High Court's decision that disallowance cannot surpass the exempt income. The appeal by the assessee was entirely allowed. Case-Laws Income Tax Thu, 17 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402072