https://www.taxtmi.com/caselaws?id=447545 Disallowance under section 14A read with Rule 8D was held not to exceed the exempt income earned during the relevant year. Following binding jurisdictional precedent, the Tribunal held that expenditure relatable to exempt income can be disallowed only up to the amount of that exempt income, and any further addition made by applying Rule 8D beyond that limit was unsustainable. The disallowance was therefore restricted to the exempt income actually received, and the assessee obtained relief to that extent. en-us Fri, 22 Dec 2023 00:00:00 +0530 Thu, 28 Dec 2023 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447545 Disallowance under section 14A read with Rule 8D was held not to exceed the exempt income earned during the relevant year. Following binding jurisdictional precedent, the Tribunal held that expenditure relatable to exempt income can be disallowed only up to the amount of that exempt income, and any further addition made by applying Rule 8D beyond that limit was unsustainable. The disallowance was therefore restricted to the exempt income actually received, and the assessee obtained relief to that extent. Case-Laws Income Tax Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447545