https://www.taxtmi.com/caselaws?id=438642 The Tribunal dismissed the Revenue's appeal regarding the disallowance of interest expenditure and administrative expenses under Section 14A read with Rule 8D(2)(ii) and (iii) respectively. It upheld the CIT(A)'s decision, stating that no further disallowance was warranted as the assessee had sufficient interest-free funds and had already made appropriate disallowances. Additionally, the Tribunal confirmed that disallowances under Section 14A should not impact the computation of book profits under Section 115JB, aligning with established judicial precedents. The assessee's cross-objection was allowed, and the Tribunal ruled in favor of the assessee on all grounds. en-us Wed, 31 May 2023 00:00:00 +0530 Mon, 05 Jun 2023 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438642 The Tribunal dismissed the Revenue's appeal regarding the disallowance of interest expenditure and administrative expenses under Section 14A read with Rule 8D(2)(ii) and (iii) respectively. It upheld the CIT(A)'s decision, stating that no further disallowance was warranted as the assessee had sufficient interest-free funds and had already made appropriate disallowances. Additionally, the Tribunal confirmed that disallowances under Section 14A should not impact the computation of book profits under Section 115JB, aligning with established judicial precedents. The assessee's cross-objection was allowed, and the Tribunal ruled in favor of the assessee on all grounds. Case-Laws Income Tax Wed, 31 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438642