https://www.taxtmi.com/caselaws?id=297524 The Tribunal upheld the CIT(A)'s decision, limiting the disallowance under Section 14A read with Rule 8D to the actual expenditure claimed by the assessee. The disallowance was restricted to Rs. 32,235/- as the assessee had a net positive interest income. The Tribunal dismissed the Revenue's appeal for assessment years 2013-14 and 2014-15, emphasizing that the AO must verify the correctness of the assessee's claim before applying Rule 8D and that disallowance cannot exceed the total expenditure incurred. en-us Mon, 01 Jul 2019 00:00:00 +0530 Wed, 08 Sep 2021 20:41:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297524 The Tribunal upheld the CIT(A)'s decision, limiting the disallowance under Section 14A read with Rule 8D to the actual expenditure claimed by the assessee. The disallowance was restricted to Rs. 32,235/- as the assessee had a net positive interest income. The Tribunal dismissed the Revenue's appeal for assessment years 2013-14 and 2014-15, emphasizing that the AO must verify the correctness of the assessee's claim before applying Rule 8D and that disallowance cannot exceed the total expenditure incurred. Case-Laws Income Tax Mon, 01 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297524