https://www.taxtmi.com/caselaws?id=761830 Disallowance under s.14A r.w. Rule 8D was held unsustainable because the AO invoked Rule 8D without recording the mandatory dissatisfaction under s.14A(2), wrongly relied on CBDT Circular No. 5/2014, and, in any event, where interest-free own funds exceeded investments, a presumption arose that investments were from own funds, negating interest disallowance; the related adjustment was also impermissible while computing book profit under s.115JB. Consequently, the s.14A disallowance and MAT addition were deleted. Depreciation on goodwill arising pursuant to an NCLT-approved amalgamation was allowed because the goodwill came into existence due to the amalgamation (not by transfer of a pre-existing asset), and the Finance Act, 2021 exclusion of goodwill applied prospectively from AY 2021-22, not to the years in appeal. en-us Tue, 12 Nov 2024 00:00:00 +0530 Mon, 05 Jan 2026 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761830 Disallowance under s.14A r.w. Rule 8D was held unsustainable because the AO invoked Rule 8D without recording the mandatory dissatisfaction under s.14A(2), wrongly relied on CBDT Circular No. 5/2014, and, in any event, where interest-free own funds exceeded investments, a presumption arose that investments were from own funds, negating interest disallowance; the related adjustment was also impermissible while computing book profit under s.115JB. Consequently, the s.14A disallowance and MAT addition were deleted. Depreciation on goodwill arising pursuant to an NCLT-approved amalgamation was allowed because the goodwill came into existence due to the amalgamation (not by transfer of a pre-existing asset), and the Finance Act, 2021 exclusion of goodwill applied prospectively from AY 2021-22, not to the years in appeal. Case-Laws Income Tax Tue, 12 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761830