https://www.taxtmi.com/caselaws?id=403009 The ITAT upheld the CIT(A)'s decision to disallow expenses related to exempt income under section 14A read with Rule 8D(2)(iii) for assessment years 2013-14 & 2014-15. The ITAT rejected the assessee's argument that a direct nexus between expenses and exempt income is required, citing Section 14A as a deemed fiction. The appeals were dismissed on 17th December 2020 in Chennai based on the similarity of issues to a prior case. en-us Thu, 17 Dec 2020 00:00:00 +0530 Mon, 18 Jan 2021 13:11:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403009 The ITAT upheld the CIT(A)'s decision to disallow expenses related to exempt income under section 14A read with Rule 8D(2)(iii) for assessment years 2013-14 & 2014-15. The ITAT rejected the assessee's argument that a direct nexus between expenses and exempt income is required, citing Section 14A as a deemed fiction. The appeals were dismissed on 17th December 2020 in Chennai based on the similarity of issues to a prior case. Case-Laws Income Tax Thu, 17 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403009