https://www.taxtmi.com/caselaws?id=308314 The Bombay High Court upheld the Tribunal's decision, ruling that disallowance under Section 14A read with Rule 8D of the Income Tax Act, 1961 is not necessary when the net worth exceeds the investment generating exempt income. The Court also affirmed the Tribunal's reliance on a prior judgment of the jurisdictional High Court. Consequently, the appeal was dismissed in favor of the respondent-assessee. en-us Tue, 03 Mar 2020 00:00:00 +0530 Thu, 15 Jun 2023 13:09:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308314 The Bombay High Court upheld the Tribunal's decision, ruling that disallowance under Section 14A read with Rule 8D of the Income Tax Act, 1961 is not necessary when the net worth exceeds the investment generating exempt income. The Court also affirmed the Tribunal's reliance on a prior judgment of the jurisdictional High Court. Consequently, the appeal was dismissed in favor of the respondent-assessee. Case-Laws Income Tax Tue, 03 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308314