https://www.taxtmi.com/caselaws?id=402172 The Tribunal found that the Assessing Officer had valid reasons for disallowing the expenditure attributable to exempt income under section 14A of the Income Tax Act, 1961. However, the Tribunal disagreed with the treatment of the suo-motu disallowance as direct expenditure under rule 8D(2)(i) and emphasized the need for a proper examination before applying rule 8D(2)(iii). The Tribunal restored the issue to the Assessing Officer for fresh adjudication to ensure consistency and uniformity in decision-making, allowing the appeal for statistical purposes. en-us Wed, 25 Nov 2020 00:00:00 +0530 Fri, 25 Dec 2020 16:25:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402172 The Tribunal found that the Assessing Officer had valid reasons for disallowing the expenditure attributable to exempt income under section 14A of the Income Tax Act, 1961. However, the Tribunal disagreed with the treatment of the suo-motu disallowance as direct expenditure under rule 8D(2)(i) and emphasized the need for a proper examination before applying rule 8D(2)(iii). The Tribunal restored the issue to the Assessing Officer for fresh adjudication to ensure consistency and uniformity in decision-making, allowing the appeal for statistical purposes. Case-Laws Income Tax Wed, 25 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402172