https://www.taxtmi.com/caselaws?id=402989 The High Court allowed the appeal filed by the assessee, setting aside the Tribunal's order and ruling in favor of the assessee. The Court held that disallowance under Section 14A of the Income Tax Act cannot exceed the exempted income itself, rejecting the assessment of notional income. The judgment provided a detailed analysis of the limitations on disallowance under Section 14A and emphasized that the provision is related to actual income, not notional or anticipated income. en-us Wed, 23 Dec 2020 00:00:00 +0530 Sat, 16 Jan 2021 22:30:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402989 The High Court allowed the appeal filed by the assessee, setting aside the Tribunal's order and ruling in favor of the assessee. The Court held that disallowance under Section 14A of the Income Tax Act cannot exceed the exempted income itself, rejecting the assessment of notional income. The judgment provided a detailed analysis of the limitations on disallowance under Section 14A and emphasized that the provision is related to actual income, not notional or anticipated income. Case-Laws Income Tax Wed, 23 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402989