https://www.taxtmi.com/caselaws?id=771771 ITAT PUNE held that disallowance under Section 14A read with Rule 8D cannot exceed the exempt income earned by the assessee. Following precedents from Bombay HC and Delhi HC, the tribunal ruled that where the assessee earned exempt income of only Rs. 2,000, the disallowance under Section 14A cannot exceed this amount. The assessee's appeal was allowed, establishing that disallowance provisions cannot result in amounts greater than the actual exempt income received. en-us Mon, 26 May 2025 00:00:00 +0530 Fri, 30 May 2025 08:55:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771771 ITAT PUNE held that disallowance under Section 14A read with Rule 8D cannot exceed the exempt income earned by the assessee. Following precedents from Bombay HC and Delhi HC, the tribunal ruled that where the assessee earned exempt income of only Rs. 2,000, the disallowance under Section 14A cannot exceed this amount. The assessee's appeal was allowed, establishing that disallowance provisions cannot result in amounts greater than the actual exempt income received. Case-Laws Income Tax Mon, 26 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771771