https://www.taxtmi.com/caselaws?id=413386 The Appellate Tribunal ITAT Mumbai partially allowed the appeal, overturning the disallowance of interest expenses related to exempt income under section 14A read with Rule 8D of the Income Tax Rules, 1962. The Tribunal found that the assessee had sufficient own funds exceeding investments, citing a Bombay High Court decision. The disallowance of administrative expenses was reduced to &8377; 87,596, aligning with the amount claimed in the profit and loss account. The Tribunal's decision, delivered on 31.08.2021, was made by Sri Mahavir Singh, VP, and Sri Manoj Kumar Aggarwal, AM. en-us Tue, 31 Aug 2021 00:00:00 +0530 Mon, 11 Oct 2021 08:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413386 The Appellate Tribunal ITAT Mumbai partially allowed the appeal, overturning the disallowance of interest expenses related to exempt income under section 14A read with Rule 8D of the Income Tax Rules, 1962. The Tribunal found that the assessee had sufficient own funds exceeding investments, citing a Bombay High Court decision. The disallowance of administrative expenses was reduced to &8377; 87,596, aligning with the amount claimed in the profit and loss account. The Tribunal's decision, delivered on 31.08.2021, was made by Sri Mahavir Singh, VP, and Sri Manoj Kumar Aggarwal, AM. Case-Laws Income Tax Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413386