https://www.taxtmi.com/caselaws?id=425399 The Tribunal partly allowed the appeals for both assessment years, directing the Assessing Officer to re-compute the disallowance under Section 14A read with Rule 8D. The Tribunal held that interest paid to partners on their capital cannot be considered for disallowance under Section 14A. It also ruled that only investments yielding exempt income during the year should be considered for disallowance, limiting the disallowance to the lower of the exempt income or the computed amount under Rule 8D. The Tribunal's decision for one assessment year was applied to the other as well. en-us Wed, 20 Jul 2022 00:00:00 +0530 Fri, 22 Jul 2022 09:18:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425399 The Tribunal partly allowed the appeals for both assessment years, directing the Assessing Officer to re-compute the disallowance under Section 14A read with Rule 8D. The Tribunal held that interest paid to partners on their capital cannot be considered for disallowance under Section 14A. It also ruled that only investments yielding exempt income during the year should be considered for disallowance, limiting the disallowance to the lower of the exempt income or the computed amount under Rule 8D. The Tribunal's decision for one assessment year was applied to the other as well. Case-Laws Income Tax Wed, 20 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425399