https://www.taxtmi.com/caselaws?id=312594 The Tribunal dismissed the Revenue's appeal, affirming the CIT (Appeals)'s decision to delete the disallowance under section 14A r.w.r. 8D of the Income Tax Rules, 1962, due to the absence of exempt income for the assessment year 2016-17. The Tribunal relied on judicial precedents from the Hon'ble Delhi High Court and the jurisdictional High Court, which clarified the prospective application of the Amendment to section 14A. The decision underscores the importance of adhering to higher court rulings when interpreting tax laws, leading to the conclusion that the disallowance was rightly deleted. en-us Tue, 27 Sep 2022 00:00:00 +0530 Tue, 27 Feb 2024 05:48:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312594 The Tribunal dismissed the Revenue's appeal, affirming the CIT (Appeals)'s decision to delete the disallowance under section 14A r.w.r. 8D of the Income Tax Rules, 1962, due to the absence of exempt income for the assessment year 2016-17. The Tribunal relied on judicial precedents from the Hon'ble Delhi High Court and the jurisdictional High Court, which clarified the prospective application of the Amendment to section 14A. The decision underscores the importance of adhering to higher court rulings when interpreting tax laws, leading to the conclusion that the disallowance was rightly deleted. Case-Laws Income Tax Tue, 27 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312594