https://www.taxtmi.com/caselaws?id=403330 The Madras HC ruled in favor of the assessee regarding disallowance under Section 14A read with Rule 8D. The court held that disallowance under Rule 8D cannot exceed the exempt income earned during the assessment year. Additionally, the Assessing Officer cannot apply Rule 8D computation method without first recording satisfaction that the assessee's apportionment of disallowable expenditure related to exempt income is unacceptable, with reasons assigned. The appeal was decided against the Revenue following precedent from M/S. MARG LIMITED case. en-us Mon, 18 Jan 2021 00:00:00 +0530 Sat, 07 Jun 2025 10:57:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403330 The Madras HC ruled in favor of the assessee regarding disallowance under Section 14A read with Rule 8D. The court held that disallowance under Rule 8D cannot exceed the exempt income earned during the assessment year. Additionally, the Assessing Officer cannot apply Rule 8D computation method without first recording satisfaction that the assessee's apportionment of disallowable expenditure related to exempt income is unacceptable, with reasons assigned. The appeal was decided against the Revenue following precedent from M/S. MARG LIMITED case. Case-Laws Income Tax Mon, 18 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403330