https://www.taxtmi.com/caselaws?id=760331 ITAT Chennai allowed the appellant's appeal regarding disallowance under Section 14A read with Rule 8D. The appellant argued it had sufficient interest-free own funds for investments. Following the SC judgment in South Indian Bank Ltd, the tribunal found that the appellant's total own funds of Rs. 12,198.62 crores were adequate to cover the investment of Rs. 200.93 crores in NTPL. The tribunal deleted the disallowance made by CIT(A) and directed the AO to recompute income accordingly. en-us Tue, 15 Oct 2024 00:00:00 +0530 Fri, 18 Oct 2024 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760331 ITAT Chennai allowed the appellant's appeal regarding disallowance under Section 14A read with Rule 8D. The appellant argued it had sufficient interest-free own funds for investments. Following the SC judgment in South Indian Bank Ltd, the tribunal found that the appellant's total own funds of Rs. 12,198.62 crores were adequate to cover the investment of Rs. 200.93 crores in NTPL. The tribunal deleted the disallowance made by CIT(A) and directed the AO to recompute income accordingly. Case-Laws Income Tax Tue, 15 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760331