https://www.taxtmi.com/caselaws?id=406220 The appeal by the revenue against the order of the Commissioner of Income-tax (Appeals) for the assessment year 2013-14, regarding the disallowance made under section 14A of the Act, was partially allowed. The Commissioner concluded that disallowance under section 14A with Rule 8D cannot exceed the exempt income earned during the year. The Tribunal upheld this decision. Additionally, the issue of disallowance under section 14A while computing income under section 115JB was addressed, with the Tribunal ruling in favor of the assessee due to the lack of identification of specific expenditure directly attributable to earning exempt income. The appeal by the revenue was dismissed. en-us Fri, 05 Mar 2021 00:00:00 +0530 Fri, 09 Apr 2021 07:57:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406220 The appeal by the revenue against the order of the Commissioner of Income-tax (Appeals) for the assessment year 2013-14, regarding the disallowance made under section 14A of the Act, was partially allowed. The Commissioner concluded that disallowance under section 14A with Rule 8D cannot exceed the exempt income earned during the year. The Tribunal upheld this decision. Additionally, the issue of disallowance under section 14A while computing income under section 115JB was addressed, with the Tribunal ruling in favor of the assessee due to the lack of identification of specific expenditure directly attributable to earning exempt income. The appeal by the revenue was dismissed. Case-Laws Income Tax Fri, 05 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406220