Tribunal Rules Interest Disallowance Limited to Investments Yielding Exempt Income, Orders Recalculation by Assessing Officer.

Tribunal Rules Interest Disallowance Limited to Investments Yielding Exempt Income, Orders Recalculation by Assessing Officer. https://www.taxtmi.com/highlights?id=75206 Disallowance u/s 14A r.w.r. 8D - Addition of interest expenditure - The ITAT found substantial merit in the alternative contention of learned counsel for the assessee that the disallowance under Rule 8D(2)(iii) should be computed with reference to investments giving rise to exempt income during the year and not the entire investment, which might give rise to exempt income in further. Accordingly, AO directed to recompute the disallowance under Rule 8D(2)(ii). en-us Tue, 27 Feb 2024 08:44:01 +0530 Tue, 27 Feb 2024 06:36:33 +0530 TaxTMI RSS Generator Tribunal Rules Interest Disallowance Limited to Investments Yielding Exempt Income, Orders Recalculation by Assessing Officer. https://www.taxtmi.com/highlights?id=75206 Disallowance u/s 14A r.w.r. 8D - Addition of interest expenditure - The ITAT found substantial merit in the alternative contention of learned counsel for the assessee that the disallowance under Rule 8D(2)(iii) should be computed with reference to investments giving rise to exempt income during the year and not the entire investment, which might give rise to exempt income in further. Accordingly, AO directed to recompute the disallowance under Rule 8D(2)(ii). Highlights Income Tax Tue, 27 Feb 2024 08:44:01 +0530 https://www.taxtmi.com/highlights?id=75206