https://www.taxtmi.com/caselaws?id=461504 The ITAT Mumbai held that post-2016 amendment, Section 14A read with Rule 8D disallowance should only consider investments yielding exempt income. The AO incorrectly applied pre-amendment provisions. The tribunal found only investments in "Air India SATS" and "CIAL" yielded dividend income, restricting disallowance to 1% of average annual investment (Rs. 66,11,815/-). The CIT(A) erred in accepting calculations based on pre-amended provisions. Following Bharatiya International Limited precedent, the assessee's appeal was partly allowed with reduced disallowance. en-us Wed, 18 Dec 2024 00:00:00 +0530 Wed, 09 Apr 2025 18:59:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461504 The ITAT Mumbai held that post-2016 amendment, Section 14A read with Rule 8D disallowance should only consider investments yielding exempt income. The AO incorrectly applied pre-amendment provisions. The tribunal found only investments in "Air India SATS" and "CIAL" yielded dividend income, restricting disallowance to 1% of average annual investment (Rs. 66,11,815/-). The CIT(A) erred in accepting calculations based on pre-amended provisions. Following Bharatiya International Limited precedent, the assessee's appeal was partly allowed with reduced disallowance. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461504