https://www.taxtmi.com/caselaws?id=297305 The Tribunal partially allowed the appeal, ruling in favor of the assessee. It found that the Assessing Officer did not satisfactorily justify the disallowance of expenses related to exempt income and directed a lower disallowance amount. The Tribunal also clarified that disallowance under Rule 8D does not apply when computing book profits under Section 115JB. The Assessing Officer was instructed to limit the disallowance to the revised amount proposed by the assessee, providing relief on these grounds. en-us Thu, 14 Feb 2019 00:00:00 +0530 Thu, 26 Aug 2021 21:35:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297305 The Tribunal partially allowed the appeal, ruling in favor of the assessee. It found that the Assessing Officer did not satisfactorily justify the disallowance of expenses related to exempt income and directed a lower disallowance amount. The Tribunal also clarified that disallowance under Rule 8D does not apply when computing book profits under Section 115JB. The Assessing Officer was instructed to limit the disallowance to the revised amount proposed by the assessee, providing relief on these grounds. Case-Laws Income Tax Thu, 14 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297305