https://www.taxtmi.com/caselaws?id=427304 The ITAT set aside the CIT(A)'s order and remanded the case for fresh adjudication on all issues. It emphasized the necessity for proper reasoning and adherence to legal provisions in determining disallowances under Section 14A and Rule 8D, as well as in computing book profits under Section 115JB of the Income Tax Act. The ITAT allowed the Assessee to present additional evidence and arguments during the new adjudication process, ensuring that disallowances are restricted to the extent of exempt income and that the computation of book profit aligns with relevant legal precedents. en-us Wed, 31 Aug 2022 00:00:00 +0530 Fri, 20 Dec 2024 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427304 The ITAT set aside the CIT(A)'s order and remanded the case for fresh adjudication on all issues. It emphasized the necessity for proper reasoning and adherence to legal provisions in determining disallowances under Section 14A and Rule 8D, as well as in computing book profits under Section 115JB of the Income Tax Act. The ITAT allowed the Assessee to present additional evidence and arguments during the new adjudication process, ensuring that disallowances are restricted to the extent of exempt income and that the computation of book profit aligns with relevant legal precedents. Case-Laws Income Tax Wed, 31 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427304