https://www.taxtmi.com/caselaws?id=306210 The Tribunal reviewed the disallowance under Section 14A of the Income Tax Act for an assessment year. The Tribunal found that the disallowance made by the Assessing Officer was not justified under Rule 8D. It held that interest disallowance was unwarranted as interest-free owned funds exceeded investments. Additionally, no disallowance was applicable due to nil investment balances. Consequently, the Tribunal directed the deletion of confirmed disallowances of interest expenses and 0.5% of the average investment value, ultimately allowing the appeal. en-us Wed, 17 Nov 2021 00:00:00 +0530 Tue, 17 Jan 2023 06:26:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306210 The Tribunal reviewed the disallowance under Section 14A of the Income Tax Act for an assessment year. The Tribunal found that the disallowance made by the Assessing Officer was not justified under Rule 8D. It held that interest disallowance was unwarranted as interest-free owned funds exceeded investments. Additionally, no disallowance was applicable due to nil investment balances. Consequently, the Tribunal directed the deletion of confirmed disallowances of interest expenses and 0.5% of the average investment value, ultimately allowing the appeal. Case-Laws Income Tax Wed, 17 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306210