https://www.taxtmi.com/caselaws?id=762616 The ITAT Mumbai held that disallowance under section 14A read with Rule 8D regarding investments in subsidiaries, joint ventures, associates, equity shares and mutual funds was not sustainable. The assessee had claimed total expenditure of Rs. 11,18,85,962 and suo-moto disallowed Rs. 10,70,71,997 including Rs. 4,53,034 under section 14A. The Tribunal noted that disallowance cannot exceed total expenditure claimed and followed previous decisions by the coordinate bench and Bombay HC in the assessee's own case, rejecting the AO's computation. en-us Fri, 29 Nov 2024 00:00:00 +0530 Wed, 04 Dec 2024 08:44:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762616 The ITAT Mumbai held that disallowance under section 14A read with Rule 8D regarding investments in subsidiaries, joint ventures, associates, equity shares and mutual funds was not sustainable. The assessee had claimed total expenditure of Rs. 11,18,85,962 and suo-moto disallowed Rs. 10,70,71,997 including Rs. 4,53,034 under section 14A. The Tribunal noted that disallowance cannot exceed total expenditure claimed and followed previous decisions by the coordinate bench and Bombay HC in the assessee's own case, rejecting the AO's computation. Case-Laws Income Tax Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762616