https://www.taxtmi.com/caselaws?id=409688 The High Court dismissed the Revenue's appeals, affirming that disallowance under Section 14A cannot exceed the exempt income and that expenses excluded from export turnover must also be excluded from total turnover for Section 10B deductions. The court emphasized that the Assessing Officer must provide cogent reasons and record satisfaction before applying Rule 8D. The decisions were based on previous judgments by the Supreme Court and Division Bench, settling the questions of law against the Revenue and in favor of the assessee. en-us Fri, 09 Jul 2021 00:00:00 +0530 Wed, 14 Jul 2021 06:29:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409688 The High Court dismissed the Revenue's appeals, affirming that disallowance under Section 14A cannot exceed the exempt income and that expenses excluded from export turnover must also be excluded from total turnover for Section 10B deductions. The court emphasized that the Assessing Officer must provide cogent reasons and record satisfaction before applying Rule 8D. The decisions were based on previous judgments by the Supreme Court and Division Bench, settling the questions of law against the Revenue and in favor of the assessee. Case-Laws Income Tax Fri, 09 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409688