https://www.taxtmi.com/caselaws?id=313368 ITAT Bangalore held that disallowance under section 14A read with rule 8D cannot exceed the exempt income earned during the relevant assessment years. The assessee argued no expenditure was incurred to earn exempt income, and addition should be restricted to exempt income received. Following precedent in Century Real Estate Holdings Pvt. Ltd, the tribunal restricted disallowance for assessment years 2010-2011 and 2013-2014 to actual exempt income earned. Appeals were partly allowed. en-us Tue, 20 Oct 2020 00:00:00 +0530 Tue, 09 Apr 2024 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313368 ITAT Bangalore held that disallowance under section 14A read with rule 8D cannot exceed the exempt income earned during the relevant assessment years. The assessee argued no expenditure was incurred to earn exempt income, and addition should be restricted to exempt income received. Following precedent in Century Real Estate Holdings Pvt. Ltd, the tribunal restricted disallowance for assessment years 2010-2011 and 2013-2014 to actual exempt income earned. Appeals were partly allowed. Case-Laws Income Tax Tue, 20 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313368