https://www.taxtmi.com/caselaws?id=751018 Whether disallowance under section 14A and Rule 8D may exceed exempt income was posed as a legal question, but the court did not disturb the appellate findings. The Tribunal's limitation of any s.14A adjustment was questioned, yet no substantial law point altering the concurrent fact findings was accepted. Separately, the assessing officer's addition for losses in penny stocks was deleted because the taxpayer proved transaction genuineness with contract notes, ledgers and bank records; the Tribunal held the losses were bona fide business losses caused by market price movements. The appeal was dismissed as meritless. en-us Tue, 26 Mar 2024 00:00:00 +0530 Fri, 13 Feb 2026 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751018 Whether disallowance under section 14A and Rule 8D may exceed exempt income was posed as a legal question, but the court did not disturb the appellate findings. The Tribunal's limitation of any s.14A adjustment was questioned, yet no substantial law point altering the concurrent fact findings was accepted. Separately, the assessing officer's addition for losses in penny stocks was deleted because the taxpayer proved transaction genuineness with contract notes, ledgers and bank records; the Tribunal held the losses were bona fide business losses caused by market price movements. The appeal was dismissed as meritless. Case-Laws Income Tax Tue, 26 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751018