https://www.taxtmi.com/caselaws?id=756986 ITAT Mumbai ruled on disallowance under section 14A read with Rule 8D. The tribunal held that since assessee's own funds exceeded investment value, no interest expense disallowance under Rule 8D(2)(ii) was warranted. For Rule 8D(2)(iii) expenditure disallowance, AO was directed to consider only investments yielding exempt income for computing average investment value. Regarding book profit computation under section 115JB, the tribunal followed precedent holding that addition under clause (f) should be made based on annual accounts without considering section 14A disallowance. Matter was remanded to AO for fresh computation. en-us Fri, 09 Aug 2024 00:00:00 +0530 Tue, 13 Aug 2024 07:08:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756986 ITAT Mumbai ruled on disallowance under section 14A read with Rule 8D. The tribunal held that since assessee's own funds exceeded investment value, no interest expense disallowance under Rule 8D(2)(ii) was warranted. For Rule 8D(2)(iii) expenditure disallowance, AO was directed to consider only investments yielding exempt income for computing average investment value. Regarding book profit computation under section 115JB, the tribunal followed precedent holding that addition under clause (f) should be made based on annual accounts without considering section 14A disallowance. Matter was remanded to AO for fresh computation. Case-Laws Income Tax Fri, 09 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756986