https://www.taxtmi.com/caselaws?id=409307 The Income Tax Appellate Tribunal (ITAT) partly allowed the appeal, restricting the disallowance under Section 14A read with Rule 8D to Rs. 3,00,000 and directing an ad-hoc disallowance of 1% of the exempted income for calculating book profit under Section 115JB. The ITAT upheld the Assessing Officer's actions regarding the invocation of Rule 8D, disallowance under Section 14A, and interest levied under Sections 234A/B/C. The ITAT found that the assessee's claims lacked merit in challenging the decisions made by the lower authorities. en-us Mon, 28 Jun 2021 00:00:00 +0530 Mon, 05 Jul 2021 08:26:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409307 The Income Tax Appellate Tribunal (ITAT) partly allowed the appeal, restricting the disallowance under Section 14A read with Rule 8D to Rs. 3,00,000 and directing an ad-hoc disallowance of 1% of the exempted income for calculating book profit under Section 115JB. The ITAT upheld the Assessing Officer's actions regarding the invocation of Rule 8D, disallowance under Section 14A, and interest levied under Sections 234A/B/C. The ITAT found that the assessee's claims lacked merit in challenging the decisions made by the lower authorities. Case-Laws Income Tax Mon, 28 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409307