https://www.taxtmi.com/caselaws?id=423448 The Tribunal upheld the CIT(A)'s confirmation of the addition under section 14A read with Rule 8D for the assessment year 2015-16. The Tribunal found the AO's application of Rule 8D(2)(iii) justified, rejecting the assessee's contention of no investments in the relevant year. The disallowance based on 0.5% of average investments was deemed appropriate, overriding the assessee's self-disallowance at 5% of exempt income. The Tribunal concluded that the CIT(A)'s decision was error-free, dismissing the appeal and affirming the addition for the year in question. en-us Mon, 11 Apr 2022 00:00:00 +0530 Mon, 06 Jun 2022 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423448 The Tribunal upheld the CIT(A)'s confirmation of the addition under section 14A read with Rule 8D for the assessment year 2015-16. The Tribunal found the AO's application of Rule 8D(2)(iii) justified, rejecting the assessee's contention of no investments in the relevant year. The disallowance based on 0.5% of average investments was deemed appropriate, overriding the assessee's self-disallowance at 5% of exempt income. The Tribunal concluded that the CIT(A)'s decision was error-free, dismissing the appeal and affirming the addition for the year in question. Case-Laws Income Tax Mon, 11 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423448