https://www.taxtmi.com/caselaws?id=295794 The Appellate Tribunal, ITAT Hyderabad, held that the disallowance under section 14A of the Income Tax Act cannot exceed the exempt income earned by the assessee. The Tribunal emphasized that the disallowance under Rule 8D should not surpass the dividend income claimed as exempt. Relying on established legal principles and precedents, the Tribunal directed the Assessing Officer to remove the disallowance as it cannot exceed the exempt income. The Tribunal's decision clarifies the limitations on disallowance under section 14A, providing guidance on the calculation and restriction of such disallowances based on the assessee's income. en-us Wed, 03 Oct 2018 00:00:00 +0530 Mon, 21 Jun 2021 09:33:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295794 The Appellate Tribunal, ITAT Hyderabad, held that the disallowance under section 14A of the Income Tax Act cannot exceed the exempt income earned by the assessee. The Tribunal emphasized that the disallowance under Rule 8D should not surpass the dividend income claimed as exempt. Relying on established legal principles and precedents, the Tribunal directed the Assessing Officer to remove the disallowance as it cannot exceed the exempt income. The Tribunal's decision clarifies the limitations on disallowance under section 14A, providing guidance on the calculation and restriction of such disallowances based on the assessee's income. Case-Laws Income Tax Wed, 03 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295794