https://www.taxtmi.com/caselaws?id=312366 The Tribunal upheld the CIT(A)'s decision to restrict the disallowance under Section 14A to the amount of exempt income, reversing the AO's higher computation. The Tribunal also agreed with the CIT(A) in reversing the AO's addition of this disallowance to the book profit under Section 115JB, citing lack of contrary precedents. The assessee's cross objection was allowed, with the Tribunal directing the AO to consider only dividend-yielding investments for calculating the average value under Rule 8D. The revenue's appeal was dismissed, and the assessee's contentions were accepted. en-us Wed, 25 Oct 2023 00:00:00 +0530 Tue, 13 Feb 2024 17:32:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312366 The Tribunal upheld the CIT(A)'s decision to restrict the disallowance under Section 14A to the amount of exempt income, reversing the AO's higher computation. The Tribunal also agreed with the CIT(A) in reversing the AO's addition of this disallowance to the book profit under Section 115JB, citing lack of contrary precedents. The assessee's cross objection was allowed, with the Tribunal directing the AO to consider only dividend-yielding investments for calculating the average value under Rule 8D. The revenue's appeal was dismissed, and the assessee's contentions were accepted. Case-Laws Income Tax Wed, 25 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312366