https://www.taxtmi.com/caselaws?id=450651 The Gujarat HC set aside the ITAT order regarding disallowance under Section 14A for administrative expenditure in computing average total assets per Rule 8D formula. The Court noted that for Assessment Years 2009-10 and 2010-11, a coordinate ITAT bench had allowed interest expenditure and restricted administrative expense disallowance to Rs. 10 lakhs and Rs. 15 lakhs respectively, which was confirmed by the HC. Since the ITAT failed to consider these precedent decisions and relied only on assessee's submissions, the matter was remanded to the ITAT for fresh adjudication. en-us Tue, 20 Feb 2024 00:00:00 +0530 Wed, 09 Jul 2025 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450651 The Gujarat HC set aside the ITAT order regarding disallowance under Section 14A for administrative expenditure in computing average total assets per Rule 8D formula. The Court noted that for Assessment Years 2009-10 and 2010-11, a coordinate ITAT bench had allowed interest expenditure and restricted administrative expense disallowance to Rs. 10 lakhs and Rs. 15 lakhs respectively, which was confirmed by the HC. Since the ITAT failed to consider these precedent decisions and relied only on assessee's submissions, the matter was remanded to the ITAT for fresh adjudication. Case-Laws Income Tax Tue, 20 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450651