https://www.taxtmi.com/caselaws?id=420354 The Tribunal held that no disallowance was warranted under Section 14A read with Rule 8D(2)(ii) of the Income Tax Act as the assessee had sufficient owned funds to meet investments. Additionally, only investments yielding tax-exempt income should be considered for calculating disallowance under Rule 8D(2)(iii). The Tribunal referred to relevant case law and directed the Assessing Officer to consider only such investments. Consequently, the appeal was partly allowed, setting aside the CIT(A)'s order. The judgment clarified the principles for disallowance under the specified provisions, emphasizing the importance of owning adequate funds and considering specific investments for the calculation. en-us Wed, 02 Mar 2022 00:00:00 +0530 Fri, 01 Apr 2022 08:32:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420354 The Tribunal held that no disallowance was warranted under Section 14A read with Rule 8D(2)(ii) of the Income Tax Act as the assessee had sufficient owned funds to meet investments. Additionally, only investments yielding tax-exempt income should be considered for calculating disallowance under Rule 8D(2)(iii). The Tribunal referred to relevant case law and directed the Assessing Officer to consider only such investments. Consequently, the appeal was partly allowed, setting aside the CIT(A)'s order. The judgment clarified the principles for disallowance under the specified provisions, emphasizing the importance of owning adequate funds and considering specific investments for the calculation. Case-Laws Income Tax Wed, 02 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420354