https://www.taxtmi.com/caselaws?id=304749 The appeal was partly allowed, and the disallowance under section 14A of the Income-tax Act was modified to Rs.29,150 by the Tribunal. The Tribunal held that a reasonable basis should be used for disallowance instead of applying Rule 8D for the assessment year 2007-08. The disallowance was determined at 25% of the dividend income received by the assessee, following the decision of the Bombay High Court. en-us Wed, 10 Oct 2012 00:00:00 +0530 Wed, 19 Oct 2022 11:40:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304749 The appeal was partly allowed, and the disallowance under section 14A of the Income-tax Act was modified to Rs.29,150 by the Tribunal. The Tribunal held that a reasonable basis should be used for disallowance instead of applying Rule 8D for the assessment year 2007-08. The disallowance was determined at 25% of the dividend income received by the assessee, following the decision of the Bombay High Court. Case-Laws Income Tax Wed, 10 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304749