https://www.taxtmi.com/caselaws?id=309338 The Tribunal dismissed both the Revenue's appeal and the Assessee's Cross Objection, affirming the CIT(A)'s order that deleted the disallowance under Section 14A of the Income Tax Act. The Tribunal found that the Assessing Officer failed to establish a nexus between interest-bearing funds and investments, incorrectly applied Rule 8D for disallowance computation, and did not record the necessary satisfaction regarding the correctness of the assessee's claim. The decision highlighted the significance of complying with statutory requirements and accurately applying rules in disallowance calculations. en-us Thu, 11 May 2017 00:00:00 +0530 Sat, 26 Aug 2023 08:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309338 The Tribunal dismissed both the Revenue's appeal and the Assessee's Cross Objection, affirming the CIT(A)'s order that deleted the disallowance under Section 14A of the Income Tax Act. The Tribunal found that the Assessing Officer failed to establish a nexus between interest-bearing funds and investments, incorrectly applied Rule 8D for disallowance computation, and did not record the necessary satisfaction regarding the correctness of the assessee's claim. The decision highlighted the significance of complying with statutory requirements and accurately applying rules in disallowance calculations. Case-Laws Income Tax Thu, 11 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309338