https://www.taxtmi.com/caselaws?id=305716 The Tribunal allowed the assessee's appeal in ITA Nos. 941 & 942/Chny/2020, holding that the Assessing Officer (AO) did not record the required satisfaction before disallowing expenses under Section 14A read with Rule 8D of the Income Tax Rules, 1962. The Tribunal emphasized that the AO must analyze the accounts and record satisfaction regarding the correctness of the assessee's claim before applying the Rule 8D formula. As the AO failed to do so, the disallowance made was deemed unjustified, resulting in the reversal of lower authorities' orders. en-us Fri, 29 Jul 2022 00:00:00 +0530 Wed, 21 Dec 2022 14:39:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305716 The Tribunal allowed the assessee's appeal in ITA Nos. 941 & 942/Chny/2020, holding that the Assessing Officer (AO) did not record the required satisfaction before disallowing expenses under Section 14A read with Rule 8D of the Income Tax Rules, 1962. The Tribunal emphasized that the AO must analyze the accounts and record satisfaction regarding the correctness of the assessee's claim before applying the Rule 8D formula. As the AO failed to do so, the disallowance made was deemed unjustified, resulting in the reversal of lower authorities' orders. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305716