https://www.taxtmi.com/caselaws?id=304344 The Tribunal upheld the order of CIT(A) restricting the disallowance of expenses incurred for earning exempt income under section 14A read with Rule 8D to Rs. 9,23,660/-, dismissing the Revenue's appeal. It emphasized that the disallowance should not exceed the exempt income earned, citing precedents from ITAT Chandigarh Bench and Delhi High Court. The Tribunal clarified the application of section 14A and Rule 8D, highlighting the need to consider the accounts before making disallowances and emphasizing that disallowances should be proportionate to the exempt income. en-us Mon, 30 Nov 2015 00:00:00 +0530 Thu, 22 Sep 2022 07:38:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304344 The Tribunal upheld the order of CIT(A) restricting the disallowance of expenses incurred for earning exempt income under section 14A read with Rule 8D to Rs. 9,23,660/-, dismissing the Revenue's appeal. It emphasized that the disallowance should not exceed the exempt income earned, citing precedents from ITAT Chandigarh Bench and Delhi High Court. The Tribunal clarified the application of section 14A and Rule 8D, highlighting the need to consider the accounts before making disallowances and emphasizing that disallowances should be proportionate to the exempt income. Case-Laws Income Tax Mon, 30 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304344