https://www.taxtmi.com/caselaws?id=429013 The court ruled in favor of the appellant-assessee, holding that the disallowance under Rule 8D should be limited to investments that yielded exempt income during the relevant assessment year. It was emphasized that Rule 8D(2)(iii) specifies that only such investments should be considered for disallowance computation, aligning with the principle that disallowance should be tied to actual income earned. The court rejected the reliance on CBDT Circular No.5/2014, stating that it cannot override the express provisions of Section 14A read with Rule 8D. en-us Fri, 07 Oct 2022 00:00:00 +0530 Mon, 11 May 2026 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429013 The court ruled in favor of the appellant-assessee, holding that the disallowance under Rule 8D should be limited to investments that yielded exempt income during the relevant assessment year. It was emphasized that Rule 8D(2)(iii) specifies that only such investments should be considered for disallowance computation, aligning with the principle that disallowance should be tied to actual income earned. The court rejected the reliance on CBDT Circular No.5/2014, stating that it cannot override the express provisions of Section 14A read with Rule 8D. Case-Laws Income Tax Fri, 07 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429013