https://www.taxtmi.com/caselaws?id=456695 ITAT Delhi ruled in favor of the assessee regarding disallowance under section 14A read with Rule 8D. The tribunal held that the AO failed to record objective satisfaction before rejecting the assessee's suo moto disallowance and invoking Rule 8D(2)(iii). The AO was directed to accept the suo moto disallowance made by the assessee. Additionally, following the Special Bench decision in Vireet Investment case, the tribunal held that section 14A disallowance cannot be made while computing book profits under section 115JB. en-us Tue, 30 Aug 2022 00:00:00 +0530 Fri, 09 Aug 2024 00:18:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456695 ITAT Delhi ruled in favor of the assessee regarding disallowance under section 14A read with Rule 8D. The tribunal held that the AO failed to record objective satisfaction before rejecting the assessee's suo moto disallowance and invoking Rule 8D(2)(iii). The AO was directed to accept the suo moto disallowance made by the assessee. Additionally, following the Special Bench decision in Vireet Investment case, the tribunal held that section 14A disallowance cannot be made while computing book profits under section 115JB. Case-Laws Income Tax Tue, 30 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456695