https://www.taxtmi.com/caselaws?id=303361 The Tribunal allowed the appeal of the assessee, ruling that the disallowance under Section 14A r.w. Rule 8D was not justified. The Tribunal held that Rule 8D was not mandatory, and the Assessing Officer must have valid reasons for not accepting the assessee's claim regarding expenses. Since sub-Section (2) of Section 14A was not invoked, the re-computation of disallowance was deemed legally invalid. Considering the investments made through Portfolio Management Services and the reasonable estimation of expenses by the assessee, the Tribunal concluded that no additional disallowance was warranted, leading to the allowance of the assessee's appeal. en-us Mon, 24 Feb 2020 00:00:00 +0530 Sun, 17 Jul 2022 17:32:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303361 The Tribunal allowed the appeal of the assessee, ruling that the disallowance under Section 14A r.w. Rule 8D was not justified. The Tribunal held that Rule 8D was not mandatory, and the Assessing Officer must have valid reasons for not accepting the assessee's claim regarding expenses. Since sub-Section (2) of Section 14A was not invoked, the re-computation of disallowance was deemed legally invalid. Considering the investments made through Portfolio Management Services and the reasonable estimation of expenses by the assessee, the Tribunal concluded that no additional disallowance was warranted, leading to the allowance of the assessee's appeal. Case-Laws Income Tax Mon, 24 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303361