https://www.taxtmi.com/caselaws?id=751164 The ITAT Delhi held that disallowance under Section 14A read with Rule 8D was not justified where the assessee had not claimed or debited any direct or indirect expenditure related to investment in securities in the Profit and Loss Account. Following the assessee's own precedent, the tribunal found that expenses like STT and brokerage related to exempted income were shown in withdrawals, not debited to the Income Expenditure account. The revenue failed to identify specific instances of such expenditure being claimed, resulting in the appeal being allowed in favor of the assessee. en-us Thu, 04 Apr 2024 00:00:00 +0530 Tue, 09 Apr 2024 08:23:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751164 The ITAT Delhi held that disallowance under Section 14A read with Rule 8D was not justified where the assessee had not claimed or debited any direct or indirect expenditure related to investment in securities in the Profit and Loss Account. Following the assessee's own precedent, the tribunal found that expenses like STT and brokerage related to exempted income were shown in withdrawals, not debited to the Income Expenditure account. The revenue failed to identify specific instances of such expenditure being claimed, resulting in the appeal being allowed in favor of the assessee. Case-Laws Income Tax Thu, 04 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751164