https://www.taxtmi.com/caselaws?id=406456 Interest disallowance under section 14A read with Rule 8D(2)(ii) is not warranted where the assessee has sufficient interest-free funds to cover investments yielding exempt income, because the presumption of use of borrowed funds does not survive on those facts. Deduction for banks under sections 36(1)(viia) and 36(1)(viii) must be computed in line with the settled judicial method applied to the relevant income base, including the approach accepted in earlier years. The stated position is that the Revenue's challenge failed and the appellate relief to the assessee was sustained. en-us Fri, 05 Mar 2021 00:00:00 +0530 Mon, 28 Oct 2024 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406456 Interest disallowance under section 14A read with Rule 8D(2)(ii) is not warranted where the assessee has sufficient interest-free funds to cover investments yielding exempt income, because the presumption of use of borrowed funds does not survive on those facts. Deduction for banks under sections 36(1)(viia) and 36(1)(viii) must be computed in line with the settled judicial method applied to the relevant income base, including the approach accepted in earlier years. The stated position is that the Revenue's challenge failed and the appellate relief to the assessee was sustained. Case-Laws Income Tax Fri, 05 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406456