https://www.taxtmi.com/caselaws?id=418242 The Tribunal partially allowed the appeal regarding disallowance under Section 14A of the Income Tax Act, 1961. It held that the Assessing Officer and CIT(A) erred in applying Rule 8D for the assessment year 2007-08. The disallowance was restricted to Rs. 2,50,00,000, considering the nature of investments and the assessee's business. The decision aimed at ensuring a fair estimation of administrative expenses related to tax-free income, addressing concerns of double disallowance and jurisdictional overreach. The order was issued on 10th February 2022. en-us Thu, 10 Feb 2022 00:00:00 +0530 Fri, 11 Feb 2022 07:22:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418242 The Tribunal partially allowed the appeal regarding disallowance under Section 14A of the Income Tax Act, 1961. It held that the Assessing Officer and CIT(A) erred in applying Rule 8D for the assessment year 2007-08. The disallowance was restricted to Rs. 2,50,00,000, considering the nature of investments and the assessee's business. The decision aimed at ensuring a fair estimation of administrative expenses related to tax-free income, addressing concerns of double disallowance and jurisdictional overreach. The order was issued on 10th February 2022. Case-Laws Income Tax Thu, 10 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418242