https://www.taxtmi.com/caselaws?id=427431 The High Court upheld the Tribunal's decision to delete the disallowance under section 14A of the Income Tax Act, 1961 for the assessment year 2006-07. The Court found that Rule 8D could not be applied retrospectively, and disallowance was not justified when the assessee had surplus funds invested. The appeal filed by the revenue was dismissed as no substantial question of law was found, based on established legal precedents. en-us Mon, 01 Aug 2022 00:00:00 +0530 Thu, 08 Sep 2022 09:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427431 The High Court upheld the Tribunal's decision to delete the disallowance under section 14A of the Income Tax Act, 1961 for the assessment year 2006-07. The Court found that Rule 8D could not be applied retrospectively, and disallowance was not justified when the assessee had surplus funds invested. The appeal filed by the revenue was dismissed as no substantial question of law was found, based on established legal precedents. Case-Laws Income Tax Mon, 01 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427431