https://www.taxtmi.com/caselaws?id=763801 ITAT Kolkata allowed the appellant's appeal regarding disallowance under section 14A. The appellant had received dividend income and made suo moto disallowance. The tribunal held that disallowance under Rule 8D read with section 14A must be restricted to Rs. 3,75,000, which was the actual dividend amount received. Following the SC precedent in State Bank of Patiala case, the tribunal ruled that disallowance under section 14A cannot exceed the amount of exempt income received, rejecting the CIT(A)'s contrary position. en-us Mon, 25 Nov 2024 00:00:00 +0530 Fri, 27 Dec 2024 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763801 ITAT Kolkata allowed the appellant's appeal regarding disallowance under section 14A. The appellant had received dividend income and made suo moto disallowance. The tribunal held that disallowance under Rule 8D read with section 14A must be restricted to Rs. 3,75,000, which was the actual dividend amount received. Following the SC precedent in State Bank of Patiala case, the tribunal ruled that disallowance under section 14A cannot exceed the amount of exempt income received, rejecting the CIT(A)'s contrary position. Case-Laws Income Tax Mon, 25 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763801