https://www.taxtmi.com/caselaws?id=303173 The Appellate Tribunal ITAT Kolkata resolved a disagreement among its members on the disallowance of expenses under section 14A of the I.T. Act, 1961. The Third Member, concurring with the Accountant Member, upheld that the disallowable amount should be 1% of the total exempt income for the assessment year, as Rule 8D was deemed not applicable. Consequently, the Department's appeal was dismissed, and the Cross Objection of the assessee was allowed in the matter. en-us Fri, 10 Jun 2011 00:00:00 +0530 Thu, 07 Jul 2022 11:57:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303173 The Appellate Tribunal ITAT Kolkata resolved a disagreement among its members on the disallowance of expenses under section 14A of the I.T. Act, 1961. The Third Member, concurring with the Accountant Member, upheld that the disallowable amount should be 1% of the total exempt income for the assessment year, as Rule 8D was deemed not applicable. Consequently, the Department's appeal was dismissed, and the Cross Objection of the assessee was allowed in the matter. Case-Laws Income Tax Fri, 10 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303173