https://www.taxtmi.com/caselaws?id=294396 The Tribunal dismissed the revenue's appeal, affirming that disallowance under section 14A of the Income Tax Act cannot exceed the exempt income earned by the assessee. It clarified that only investments yielding exempt income should be considered for calculating the disallowance amount under Rule 8D. The Tribunal upheld the CIT (A) order directing the Assessing Officer to restrict the disallowance to the extent of exempt income. en-us Fri, 17 Aug 2018 00:00:00 +0530 Sun, 11 Apr 2021 11:27:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294396 The Tribunal dismissed the revenue's appeal, affirming that disallowance under section 14A of the Income Tax Act cannot exceed the exempt income earned by the assessee. It clarified that only investments yielding exempt income should be considered for calculating the disallowance amount under Rule 8D. The Tribunal upheld the CIT (A) order directing the Assessing Officer to restrict the disallowance to the extent of exempt income. Case-Laws Income Tax Fri, 17 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294396