https://www.taxtmi.com/caselaws?id=304375 The Tribunal upheld the disallowance under section 14A of the Income Tax Act with rule 8D, directing the Assessing Officer to determine the disallowance based on net interest and Rule 8D(iii) computation. Regarding the disallowance of interest on a partner's debit balance, the Tribunal ruled in favor of the assessee, stating that if the cumulative balance of partners was in credit, no disallowance on interest related to a debit balance was justified. Consequently, the disallowance under section 36(1)(iii) was directed to be deleted. The appeal was partly allowed on 15th September 2014. en-us Mon, 15 Sep 2014 00:00:00 +0530 Fri, 23 Sep 2022 08:23:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304375 The Tribunal upheld the disallowance under section 14A of the Income Tax Act with rule 8D, directing the Assessing Officer to determine the disallowance based on net interest and Rule 8D(iii) computation. Regarding the disallowance of interest on a partner's debit balance, the Tribunal ruled in favor of the assessee, stating that if the cumulative balance of partners was in credit, no disallowance on interest related to a debit balance was justified. Consequently, the disallowance under section 36(1)(iii) was directed to be deleted. The appeal was partly allowed on 15th September 2014. Case-Laws Income Tax Mon, 15 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304375