https://www.taxtmi.com/caselaws?id=313386 The ITAT Jaipur upheld CIT(A)'s decision restricting disallowance under section 14A read with rule 8D to Rs. 4,278, equivalent to exempt income earned. The tribunal held that expenditure disallowance relating to exempt income cannot exceed the actual exempt income amount. Following precedent from Mount Malt Bru Ltd., the ITAT dismissed the revenue's appeal, confirming that where expenditure exceeds exempt income, disallowance should be limited to the quantum of exempt dividend income received by the assessee. en-us Tue, 16 Aug 2022 00:00:00 +0530 Wed, 10 Apr 2024 09:38:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313386 The ITAT Jaipur upheld CIT(A)'s decision restricting disallowance under section 14A read with rule 8D to Rs. 4,278, equivalent to exempt income earned. The tribunal held that expenditure disallowance relating to exempt income cannot exceed the actual exempt income amount. Following precedent from Mount Malt Bru Ltd., the ITAT dismissed the revenue's appeal, confirming that where expenditure exceeds exempt income, disallowance should be limited to the quantum of exempt dividend income received by the assessee. Case-Laws Income Tax Tue, 16 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313386