https://www.taxtmi.com/caselaws?id=435289 The HC dismissed the revenue's appeal, ruling against them on both substantial questions of law. It held that the assessing officer must properly examine and record satisfaction before applying Rule 8D(2)(ii) for disallowance calculations under Section 14A of the Income Tax Act. The Court also upheld the assessee's right to claim the leftover depreciation amount under Section 32(1)(iia), referencing a previous case where the revenue's appeal was dismissed. The decision emphasized adherence to proper procedures and legal precedents in tax assessments. en-us Mon, 27 Feb 2023 00:00:00 +0530 Wed, 13 Dec 2023 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435289 The HC dismissed the revenue's appeal, ruling against them on both substantial questions of law. It held that the assessing officer must properly examine and record satisfaction before applying Rule 8D(2)(ii) for disallowance calculations under Section 14A of the Income Tax Act. The Court also upheld the assessee's right to claim the leftover depreciation amount under Section 32(1)(iia), referencing a previous case where the revenue's appeal was dismissed. The decision emphasized adherence to proper procedures and legal precedents in tax assessments. Case-Laws Income Tax Mon, 27 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435289