https://www.taxtmi.com/caselaws?id=416675 The Tribunal upheld the disallowance of Rs. 60,30,758 under Section 14A read with Rule 8D of the Income Tax Act, stating that the Assessing Officer correctly applied the formula prescribed under Rule 8D(2)(iii) without discretionary power to alter it. The Tribunal found that the AO's examination of the books of account and satisfaction in the negative were not required under the prescribed method. Additionally, the Tribunal emphasized the necessity for the assessee to prove that investments were made from own funds to avoid disallowance under Section 14A, which was not adequately demonstrated in this case. The appeal was dismissed, affirming the lower authorities' decisions. en-us Thu, 09 Dec 2021 00:00:00 +0530 Tue, 04 Jan 2022 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416675 The Tribunal upheld the disallowance of Rs. 60,30,758 under Section 14A read with Rule 8D of the Income Tax Act, stating that the Assessing Officer correctly applied the formula prescribed under Rule 8D(2)(iii) without discretionary power to alter it. The Tribunal found that the AO's examination of the books of account and satisfaction in the negative were not required under the prescribed method. Additionally, the Tribunal emphasized the necessity for the assessee to prove that investments were made from own funds to avoid disallowance under Section 14A, which was not adequately demonstrated in this case. The appeal was dismissed, affirming the lower authorities' decisions. Case-Laws Income Tax Thu, 09 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416675