https://www.taxtmi.com/caselaws?id=447117 ITAT Bangalore ruled that for calculating disallowance under section 14A read with Rule 8D, only investments that have actually generated exempt income should be considered, not total investments. The assessee earned exempt income of Rs. 3.90 crores. Following the Delhi HC precedent in ACB India Ltd, the tribunal held that investment attributable to dividend income should be adopted for disallowance computation. The matter was remitted to AO for re-computation applying Rule 8D(2)(iii) considering only exempt income-generating investments. Appeal partly allowed for statistical purposes. en-us Thu, 12 Oct 2023 00:00:00 +0530 Mon, 18 Dec 2023 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447117 ITAT Bangalore ruled that for calculating disallowance under section 14A read with Rule 8D, only investments that have actually generated exempt income should be considered, not total investments. The assessee earned exempt income of Rs. 3.90 crores. Following the Delhi HC precedent in ACB India Ltd, the tribunal held that investment attributable to dividend income should be adopted for disallowance computation. The matter was remitted to AO for re-computation applying Rule 8D(2)(iii) considering only exempt income-generating investments. Appeal partly allowed for statistical purposes. Case-Laws Income Tax Thu, 12 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447117