https://www.taxtmi.com/caselaws?id=447182 ITAT Kolkata dismissed the assessee's appeal regarding disallowance under section 14A read with Rule 8D(2)(ii). The tribunal upheld the AO's application of the formula-based disallowance for expenditure related to tax-free dividend income, finding no demonstrable evidence of actual expenditure allocation. However, the tribunal allowed the appeal regarding computation of tax under section 115BBE, ruling that without additions under sections 68-69D, such computation was inappropriate. The tribunal also rejected the claim for education cess deduction under section 37(1), following established precedent that education cess is not allowable expenditure. en-us Tue, 07 Nov 2023 00:00:00 +0530 Wed, 20 Dec 2023 09:37:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447182 ITAT Kolkata dismissed the assessee's appeal regarding disallowance under section 14A read with Rule 8D(2)(ii). The tribunal upheld the AO's application of the formula-based disallowance for expenditure related to tax-free dividend income, finding no demonstrable evidence of actual expenditure allocation. However, the tribunal allowed the appeal regarding computation of tax under section 115BBE, ruling that without additions under sections 68-69D, such computation was inappropriate. The tribunal also rejected the claim for education cess deduction under section 37(1), following established precedent that education cess is not allowable expenditure. Case-Laws Income Tax Tue, 07 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447182