https://www.taxtmi.com/caselaws?id=411612 The Tribunal allowed the appeal of the assessee in ITA No.4301/Mum/2019 for A.Y.2016-17, overturning the disallowance under Section 14A of the Income Tax Act. It was held that as the expenses attributable to the agricultural division had already been voluntarily disallowed and other expenses were for regular business purposes, no separate disallowance under Section 14A was necessary. The disallowance made under Rule 8D(2) was considered subsumed in the loss disallowed from the agricultural division, leading to the dismissal of the disallowance and the allowance of the appeal. en-us Mon, 08 Mar 2021 00:00:00 +0530 Tue, 31 Aug 2021 09:17:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411612 The Tribunal allowed the appeal of the assessee in ITA No.4301/Mum/2019 for A.Y.2016-17, overturning the disallowance under Section 14A of the Income Tax Act. It was held that as the expenses attributable to the agricultural division had already been voluntarily disallowed and other expenses were for regular business purposes, no separate disallowance under Section 14A was necessary. The disallowance made under Rule 8D(2) was considered subsumed in the loss disallowed from the agricultural division, leading to the dismissal of the disallowance and the allowance of the appeal. Case-Laws Income Tax Mon, 08 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411612