https://www.taxtmi.com/caselaws?id=405603 The Tribunal ruled that the disallowance under section 14A of the Income Tax Act should not exceed the exempt income earned by the assessee. The decision was based on the principle established by the Hon'ble Delhi High Court in a previous case. The Tribunal directed the Assessing Officer to calculate the disallowance based on the investment that generated the exempt income and restrict it to the exempt income or the calculated amount, whichever is lower. As a result, the Tribunal allowed the appeal, overturning the Commissioner (Appeals) decision and instructing the Assessing Officer to adjust the disallowance accordingly. en-us Mon, 15 Mar 2021 00:00:00 +0530 Wed, 24 Mar 2021 09:06:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405603 The Tribunal ruled that the disallowance under section 14A of the Income Tax Act should not exceed the exempt income earned by the assessee. The decision was based on the principle established by the Hon'ble Delhi High Court in a previous case. The Tribunal directed the Assessing Officer to calculate the disallowance based on the investment that generated the exempt income and restrict it to the exempt income or the calculated amount, whichever is lower. As a result, the Tribunal allowed the appeal, overturning the Commissioner (Appeals) decision and instructing the Assessing Officer to adjust the disallowance accordingly. Case-Laws Income Tax Mon, 15 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405603