https://www.taxtmi.com/caselaws?id=416055 The Tribunal upheld the CIT(A)'s decision in a tax case, dismissing the Revenue's appeal. The Tribunal ruled in favor of the assessee by deleting the disallowance made under Section 14A of the Income Tax Act, emphasizing the necessity for the Assessing Officer to objectively assess the correctness of the claim before applying Rule 8D. Additionally, the Tribunal supported the allowance of the claim under Sections 80IB/80IC on income earned from the sale of scrap, following consistent judicial precedents that such income qualifies for deduction. en-us Thu, 16 Dec 2021 00:00:00 +0530 Sat, 18 Dec 2021 12:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416055 The Tribunal upheld the CIT(A)'s decision in a tax case, dismissing the Revenue's appeal. The Tribunal ruled in favor of the assessee by deleting the disallowance made under Section 14A of the Income Tax Act, emphasizing the necessity for the Assessing Officer to objectively assess the correctness of the claim before applying Rule 8D. Additionally, the Tribunal supported the allowance of the claim under Sections 80IB/80IC on income earned from the sale of scrap, following consistent judicial precedents that such income qualifies for deduction. Case-Laws Income Tax Thu, 16 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416055