https://www.taxtmi.com/caselaws?id=456706 The ITAT Delhi ruled in favor of the assessee regarding disallowance under section 14A read with Rule 8D. The assessee had made suo-moto disallowance based on detailed scientific working certified by a Chartered Accountant. The ITAT held that the Assessing Officer failed to record objective satisfaction for rejecting the assessee's suo-moto disallowance. Following its own precedent from AY 2015-16, the tribunal directed the AO to accept the suo-moto disallowance and clarified that only investments not yielding exempt income should be considered for section 14A disallowance. en-us Mon, 09 Jan 2023 00:00:00 +0530 Fri, 09 Aug 2024 10:17:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456706 The ITAT Delhi ruled in favor of the assessee regarding disallowance under section 14A read with Rule 8D. The assessee had made suo-moto disallowance based on detailed scientific working certified by a Chartered Accountant. The ITAT held that the Assessing Officer failed to record objective satisfaction for rejecting the assessee's suo-moto disallowance. Following its own precedent from AY 2015-16, the tribunal directed the AO to accept the suo-moto disallowance and clarified that only investments not yielding exempt income should be considered for section 14A disallowance. Case-Laws Income Tax Mon, 09 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456706