https://www.taxtmi.com/caselaws?id=751276 The ITAT Delhi partially allowed the assessee's appeal. Regarding disallowance under section 14A read with Rule 8D, the tribunal restricted the disallowance to Rs. 930, being the actual exempt income earned, following Delhi HC precedent that disallowance cannot exceed exempt income. The tribunal rejected the department's argument about retrospective application of Finance Act 2022 amendments. For disallowance under section 40(a)(ia) concerning TDS on interest payments, the tribunal remanded the matter to the AO for fresh consideration, directing examination of whether payees filed returns and paid taxes on received amounts, following Delhi HC precedents. en-us Tue, 09 Apr 2024 00:00:00 +0530 Wed, 10 Apr 2024 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751276 The ITAT Delhi partially allowed the assessee's appeal. Regarding disallowance under section 14A read with Rule 8D, the tribunal restricted the disallowance to Rs. 930, being the actual exempt income earned, following Delhi HC precedent that disallowance cannot exceed exempt income. The tribunal rejected the department's argument about retrospective application of Finance Act 2022 amendments. For disallowance under section 40(a)(ia) concerning TDS on interest payments, the tribunal remanded the matter to the AO for fresh consideration, directing examination of whether payees filed returns and paid taxes on received amounts, following Delhi HC precedents. Case-Laws Income Tax Tue, 09 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751276