https://www.taxtmi.com/caselaws?id=758806 The ITAT Kolkata held that the AO's addition under Section 14A read with Rule 8D was unjustified where the assessee had suo moto disallowed expenses related to exempt income. Following its coordinate bench decision in the assessee's own case for AY 2012-13, the tribunal found that the AO failed to provide reasons for rejecting the assessee's voluntary disallowance and applying Rule 8D for a higher amount. The CIT(A)'s confirmation of the disallowance was set aside, and the AO was directed to delete the addition. en-us Mon, 09 Sep 2024 00:00:00 +0530 Wed, 18 Sep 2024 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758806 The ITAT Kolkata held that the AO's addition under Section 14A read with Rule 8D was unjustified where the assessee had suo moto disallowed expenses related to exempt income. Following its coordinate bench decision in the assessee's own case for AY 2012-13, the tribunal found that the AO failed to provide reasons for rejecting the assessee's voluntary disallowance and applying Rule 8D for a higher amount. The CIT(A)'s confirmation of the disallowance was set aside, and the AO was directed to delete the addition. Case-Laws Income Tax Mon, 09 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758806