https://www.taxtmi.com/caselaws?id=404284 The Tribunal ruled in favor of the assessee, modifying the disallowance computation under Section 14A of the Income Tax Act, 1961, read with Rule 8D(2)(iii) of the Income-tax Rules, 1962, for AY 2015-16. It directed the AO to calculate the disallowance based on the average of the opening and closing value of investments yielding dividend income, aligning with the law applicable for AY 2015-16 as per the precedent set in REI Agro Ltd. The Tribunal found the Ld. CIT(A)'s direction to consider monthly averages legally untenable, as the amended provisions effective from AY 2017-18 were inapplicable. en-us Thu, 03 Dec 2020 00:00:00 +0530 Tue, 29 Oct 2024 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404284 The Tribunal ruled in favor of the assessee, modifying the disallowance computation under Section 14A of the Income Tax Act, 1961, read with Rule 8D(2)(iii) of the Income-tax Rules, 1962, for AY 2015-16. It directed the AO to calculate the disallowance based on the average of the opening and closing value of investments yielding dividend income, aligning with the law applicable for AY 2015-16 as per the precedent set in REI Agro Ltd. The Tribunal found the Ld. CIT(A)'s direction to consider monthly averages legally untenable, as the amended provisions effective from AY 2017-18 were inapplicable. Case-Laws Income Tax Thu, 03 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404284