https://www.taxtmi.com/caselaws?id=308563 The appeal filed by the revenue challenging the disallowance under section 14A of the Income Tax Act was dismissed. The CIT(A)'s decision to reduce the disallowance amount to Rs. 20,70,770/- was upheld, emphasizing the burden of proof on the assessing officer and the need for a comprehensive assessment of expenses linked to investments. The judgment also confirmed the applicability of Rule 8D of the Income Tax Rules and the segregation of expenses into variable and fixed/semi-variable categories, ultimately affirming the importance of meticulous accounting in such matters. en-us Wed, 19 Nov 2014 00:00:00 +0530 Tue, 04 Jul 2023 21:04:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308563 The appeal filed by the revenue challenging the disallowance under section 14A of the Income Tax Act was dismissed. The CIT(A)'s decision to reduce the disallowance amount to Rs. 20,70,770/- was upheld, emphasizing the burden of proof on the assessing officer and the need for a comprehensive assessment of expenses linked to investments. The judgment also confirmed the applicability of Rule 8D of the Income Tax Rules and the segregation of expenses into variable and fixed/semi-variable categories, ultimately affirming the importance of meticulous accounting in such matters. Case-Laws Income Tax Wed, 19 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308563