https://www.taxtmi.com/caselaws?id=755733 ITAT Bangalore held that disallowance under Section 14A read with Rule 8D cannot exceed the exempt income earned by the assessee. The appellant's contention for complete deletion of disallowance was rejected as exempt income of Rs. 55,56,958/- was earned on investments. The tribunal restricted the disallowance to the amount of exempt income earned, citing the proviso to Rule 8D(2) of IT Rules, 1962. The ground was partly allowed, limiting disallowance to the actual exempt income rather than the higher amount computed by authorities. en-us Fri, 05 Jul 2024 00:00:00 +0530 Thu, 18 Jul 2024 06:53:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755733 ITAT Bangalore held that disallowance under Section 14A read with Rule 8D cannot exceed the exempt income earned by the assessee. The appellant's contention for complete deletion of disallowance was rejected as exempt income of Rs. 55,56,958/- was earned on investments. The tribunal restricted the disallowance to the amount of exempt income earned, citing the proviso to Rule 8D(2) of IT Rules, 1962. The ground was partly allowed, limiting disallowance to the actual exempt income rather than the higher amount computed by authorities. Case-Laws Income Tax Fri, 05 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755733