https://www.taxtmi.com/caselaws?id=440125 The Tribunal dismissed the Revenue's appeal due to the low tax effect falling below the prescribed threshold. The Tribunal upheld the deletion of disallowance made under Section 14A read with Section 8D, emphasizing that disallowance should be limited to the extent of exempt income earned. The Tribunal also found that the Ld. CIT(A) did not contravene the amended provisions of Section 14A introduced by the Finance Act, 2022, and upheld the legality of the CBDT Circular No. 05/2014 in this context. en-us Fri, 19 May 2023 00:00:00 +0530 Tue, 11 Jul 2023 08:29:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440125 The Tribunal dismissed the Revenue's appeal due to the low tax effect falling below the prescribed threshold. The Tribunal upheld the deletion of disallowance made under Section 14A read with Section 8D, emphasizing that disallowance should be limited to the extent of exempt income earned. The Tribunal also found that the Ld. CIT(A) did not contravene the amended provisions of Section 14A introduced by the Finance Act, 2022, and upheld the legality of the CBDT Circular No. 05/2014 in this context. Case-Laws Income Tax Fri, 19 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440125