https://www.taxtmi.com/caselaws?id=411292 The Tribunal partially allowed the Revenue's appeal and the assessee's cross objection regarding disallowance under section 14A of the Income Tax Act. It directed the Assessing Officer to restrict the disallowance to the exempt income amounting to &8377;37,93,374. The Tribunal emphasized the need to limit disallowances to the extent of exempt income and to proportionately allocate expenses for shares sold off and retained. The decision provided clarity on the application of rules and High Court precedents in determining appropriate disallowances in such cases. en-us Wed, 18 Aug 2021 00:00:00 +0530 Sat, 21 Aug 2021 08:33:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411292 The Tribunal partially allowed the Revenue's appeal and the assessee's cross objection regarding disallowance under section 14A of the Income Tax Act. It directed the Assessing Officer to restrict the disallowance to the exempt income amounting to &8377;37,93,374. The Tribunal emphasized the need to limit disallowances to the extent of exempt income and to proportionately allocate expenses for shares sold off and retained. The decision provided clarity on the application of rules and High Court precedents in determining appropriate disallowances in such cases. Case-Laws Income Tax Wed, 18 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411292