https://www.taxtmi.com/caselaws?id=313203 The tribunal allowed the assessee's appeals concerning additional depreciation disallowance under Section 32(1)(iia), directing the AO to permit the balance 10% depreciation claim and limit disallowances to 40% of taxable income per Rule 8. Regarding Section 14A r.w.r. 8D, the tribunal upheld the CIT(A)'s decision to restrict disallowances to exempt income but instructed the AO to recompute disallowances under Rule 8D(2)(iii) by considering half a percent of the average value of investments generating non-taxable income. The appeals were partly allowed for statistical purposes. en-us Wed, 21 Mar 2018 00:00:00 +0530 Fri, 29 Mar 2024 19:15:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313203 The tribunal allowed the assessee's appeals concerning additional depreciation disallowance under Section 32(1)(iia), directing the AO to permit the balance 10% depreciation claim and limit disallowances to 40% of taxable income per Rule 8. Regarding Section 14A r.w.r. 8D, the tribunal upheld the CIT(A)'s decision to restrict disallowances to exempt income but instructed the AO to recompute disallowances under Rule 8D(2)(iii) by considering half a percent of the average value of investments generating non-taxable income. The appeals were partly allowed for statistical purposes. Case-Laws Income Tax Wed, 21 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313203