https://www.taxtmi.com/caselaws?id=414456 The Tribunal partly allowed the appeals for both assessment years, remanding the issues back to the AO for fresh consideration. It emphasized the need for the AO to record dissatisfaction before applying Rule 8D for disallowance of expenditure related to exempt income. The Tribunal directed verification of the fund position regarding the disallowance of interest under Section 36(1)(iii) and reiterated that sufficient own funds negate the need for disallowance of interest on loans to sister concerns. en-us Thu, 21 Oct 2021 00:00:00 +0530 Mon, 08 Nov 2021 22:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414456 The Tribunal partly allowed the appeals for both assessment years, remanding the issues back to the AO for fresh consideration. It emphasized the need for the AO to record dissatisfaction before applying Rule 8D for disallowance of expenditure related to exempt income. The Tribunal directed verification of the fund position regarding the disallowance of interest under Section 36(1)(iii) and reiterated that sufficient own funds negate the need for disallowance of interest on loans to sister concerns. Case-Laws Income Tax Thu, 21 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414456