https://www.taxtmi.com/caselaws?id=312019 The HC directed the Tribunal to reconsider disallowances under section 14A of the Income-tax Act, 1961, limiting them to 1% of exempted income for the relevant Assessment Years. The HC clarified that Rule 8D's applicability is prospective. The Tribunal, maintaining consistency with previous cases, was instructed to adjust disallowances accordingly. Following the HC's guidance, the Tribunal dismissed all revenue appeals and assessee cross objections, reaffirming its consistent approach to such disallowances. en-us Tue, 29 Apr 2014 00:00:00 +0530 Sun, 28 Jan 2024 10:39:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312019 The HC directed the Tribunal to reconsider disallowances under section 14A of the Income-tax Act, 1961, limiting them to 1% of exempted income for the relevant Assessment Years. The HC clarified that Rule 8D's applicability is prospective. The Tribunal, maintaining consistency with previous cases, was instructed to adjust disallowances accordingly. Following the HC's guidance, the Tribunal dismissed all revenue appeals and assessee cross objections, reaffirming its consistent approach to such disallowances. Case-Laws Income Tax Tue, 29 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312019