https://www.taxtmi.com/caselaws?id=425256 The ITAT partly allowed the appeal, confirming the disallowance of administrative expenses under section 14A as per Rule 8D. The assessing officer's exclusion of a taxable investment from disallowance and calculation of net interest expense for disallowance were upheld. The ITAT emphasized the necessity of considering administrative expenses related to investments earning exempt income, despite the assessee's argument based on interest-free funds. The decision aligned with Gujarat HC's stance that no disallowance is warranted under section 14A if interest-free funds exceed investments yielding exempt income. en-us Fri, 15 Jul 2022 00:00:00 +0530 Tue, 19 Jul 2022 09:23:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425256 The ITAT partly allowed the appeal, confirming the disallowance of administrative expenses under section 14A as per Rule 8D. The assessing officer's exclusion of a taxable investment from disallowance and calculation of net interest expense for disallowance were upheld. The ITAT emphasized the necessity of considering administrative expenses related to investments earning exempt income, despite the assessee's argument based on interest-free funds. The decision aligned with Gujarat HC's stance that no disallowance is warranted under section 14A if interest-free funds exceed investments yielding exempt income. Case-Laws Income Tax Fri, 15 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425256