https://www.taxtmi.com/caselaws?id=753310 The Tribunal partially allowed the appeal, holding that the disallowance under Section 14A of the Income-tax Act, 1961, should not exceed the exempt income of Rs. 3,00,000. The Tribunal relied on precedents from various High Courts, including Bombay, to conclude that disallowance exceeding exempt income is unsustainable. Consequently, the disallowance was restricted to the exempt income level. All other grounds were dismissed as they were not pressed by the assessee. The decision was pronounced in open court on 28.05.2024. en-us Tue, 28 May 2024 00:00:00 +0530 Wed, 29 May 2024 22:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753310 The Tribunal partially allowed the appeal, holding that the disallowance under Section 14A of the Income-tax Act, 1961, should not exceed the exempt income of Rs. 3,00,000. The Tribunal relied on precedents from various High Courts, including Bombay, to conclude that disallowance exceeding exempt income is unsustainable. Consequently, the disallowance was restricted to the exempt income level. All other grounds were dismissed as they were not pressed by the assessee. The decision was pronounced in open court on 28.05.2024. Case-Laws Income Tax Tue, 28 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753310