https://www.taxtmi.com/caselaws?id=406671 The High Court held that the tribunal was justified in law in deleting the disallowances made under Section 14A read with Rule 8D(2)(ii) and 8D(2)(iii). It was found that the company's capital and reserves adequately covered the investments, and there was no evidence of expenditure incurred to earn exempt income. The court determined that the relevant circular was not applicable to the case due to the Assessment Year. As a result, the appeals by the revenue were dismissed, and the decision favored the assessee. en-us Wed, 07 Apr 2021 00:00:00 +0530 Tue, 20 Apr 2021 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406671 The High Court held that the tribunal was justified in law in deleting the disallowances made under Section 14A read with Rule 8D(2)(ii) and 8D(2)(iii). It was found that the company's capital and reserves adequately covered the investments, and there was no evidence of expenditure incurred to earn exempt income. The court determined that the relevant circular was not applicable to the case due to the Assessment Year. As a result, the appeals by the revenue were dismissed, and the decision favored the assessee. Case-Laws Income Tax Wed, 07 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406671