https://www.taxtmi.com/caselaws?id=416870 The tribunal partially allowed the appeal of the assessee. It directed the Assessing Officer to consider only investments yielding tax-free income for disallowance under section 14A of the Income Tax Act. The tribunal held that disallowance under section 14A cannot be used to enhance book profits under section 115JB. Additionally, it considered the retrospective effect of the amendment to section 50C for property sold, concluding that the proviso to section 50C is clarificatory and retrospective. The tribunal relied on legal principles and precedents to support its decisions. en-us Thu, 09 Dec 2021 00:00:00 +0530 Mon, 10 Jan 2022 09:01:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416870 The tribunal partially allowed the appeal of the assessee. It directed the Assessing Officer to consider only investments yielding tax-free income for disallowance under section 14A of the Income Tax Act. The tribunal held that disallowance under section 14A cannot be used to enhance book profits under section 115JB. Additionally, it considered the retrospective effect of the amendment to section 50C for property sold, concluding that the proviso to section 50C is clarificatory and retrospective. The tribunal relied on legal principles and precedents to support its decisions. Case-Laws Income Tax Thu, 09 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416870