https://www.taxtmi.com/caselaws?id=759085 ITAT Ahmedabad upheld disallowance under Section 14A, rejecting assessee's claim of nil expenses for earning exempt income worth Rs. 25.65 crores. Court found assessee's previous year suo moto disallowance of Rs. 31 lacs contradicted current nil claim, and AO correctly applied Rule 8D. However, ITAT allowed appeal regarding Section 80IA deduction, deleting allocation of common expenses to eligible unit representing only 0.26% of turnover, finding the exercise immaterial and unsustainable based on precedent and materiality principle. en-us Fri, 10 May 2024 00:00:00 +0530 Mon, 23 Sep 2024 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759085 ITAT Ahmedabad upheld disallowance under Section 14A, rejecting assessee's claim of nil expenses for earning exempt income worth Rs. 25.65 crores. Court found assessee's previous year suo moto disallowance of Rs. 31 lacs contradicted current nil claim, and AO correctly applied Rule 8D. However, ITAT allowed appeal regarding Section 80IA deduction, deleting allocation of common expenses to eligible unit representing only 0.26% of turnover, finding the exercise immaterial and unsustainable based on precedent and materiality principle. Case-Laws Income Tax Fri, 10 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759085