https://www.taxtmi.com/caselaws?id=442198 The Tribunal upheld the disallowance of the deduction claimed under Section 32AC of the Income-tax Act, 1961, as the assessee's aggregate investment did not meet the required threshold. However, the Tribunal allowed the assessee to claim the deduction in the subsequent year if conditions are met. Regarding the disallowance under Section 14A read with Rule 8D, the Tribunal directed the AO to reassess the interest expense disallowance based on the sufficiency of interest-free funds and upheld the disallowance of administrative expenses. The appeal was partly allowed with these directions for further verification and reassessment by the AO. en-us Fri, 18 Aug 2023 00:00:00 +0530 Sat, 26 Aug 2023 08:22:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442198 The Tribunal upheld the disallowance of the deduction claimed under Section 32AC of the Income-tax Act, 1961, as the assessee's aggregate investment did not meet the required threshold. However, the Tribunal allowed the assessee to claim the deduction in the subsequent year if conditions are met. Regarding the disallowance under Section 14A read with Rule 8D, the Tribunal directed the AO to reassess the interest expense disallowance based on the sufficiency of interest-free funds and upheld the disallowance of administrative expenses. The appeal was partly allowed with these directions for further verification and reassessment by the AO. Case-Laws Income Tax Fri, 18 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442198