https://www.taxtmi.com/caselaws?id=451045 ITAT Ahmedabad held that disallowance under section 14A read with Rule 8D cannot exceed exempted income amount, limiting it to Rs. 1,08,650 based on SC and HC precedents. The tribunal ruled that section 14A disallowances cannot be applied while determining net profit under section 115JB, following established jurisprudence. For book profit computation under section 115JB, tribunal directed ad-hoc disallowance of 1% of exempted income under clause (f) to avoid multiplicity of proceedings. Both assessee's and Revenue's appeals were partly allowed with respective limitations imposed. en-us Fri, 15 Mar 2024 00:00:00 +0530 Mon, 18 Mar 2024 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451045 ITAT Ahmedabad held that disallowance under section 14A read with Rule 8D cannot exceed exempted income amount, limiting it to Rs. 1,08,650 based on SC and HC precedents. The tribunal ruled that section 14A disallowances cannot be applied while determining net profit under section 115JB, following established jurisprudence. For book profit computation under section 115JB, tribunal directed ad-hoc disallowance of 1% of exempted income under clause (f) to avoid multiplicity of proceedings. Both assessee's and Revenue's appeals were partly allowed with respective limitations imposed. Case-Laws Income Tax Fri, 15 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451045