https://www.taxtmi.com/caselaws?id=292514 The ITAT overturned the decision of the lower authorities and deleted the administrative expenditure disallowance of Rs. 6,94,047 imposed under Rule 8D(2)(iii) r.w.s. 14A of the Income Tax Act, 1961 for A.Y. 2009-10. The ITAT emphasized the necessity of explicit satisfaction by the Assessing Officer before disallowing expenditures under section 14A(2) r.w. Rule 8D, highlighting the importance of not disregarding relevant books of accounts. The ITAT found the CIT(A)'s reasoning contrary to legislative intent and various high court interpretations, ultimately ruling in favor of the assessee. en-us Mon, 02 May 2016 00:00:00 +0530 Thu, 31 Dec 2020 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292514 The ITAT overturned the decision of the lower authorities and deleted the administrative expenditure disallowance of Rs. 6,94,047 imposed under Rule 8D(2)(iii) r.w.s. 14A of the Income Tax Act, 1961 for A.Y. 2009-10. The ITAT emphasized the necessity of explicit satisfaction by the Assessing Officer before disallowing expenditures under section 14A(2) r.w. Rule 8D, highlighting the importance of not disregarding relevant books of accounts. The ITAT found the CIT(A)'s reasoning contrary to legislative intent and various high court interpretations, ultimately ruling in favor of the assessee. Case-Laws Income Tax Mon, 02 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292514