https://www.taxtmi.com/caselaws?id=463109 The ITAT Kolkata held that for disallowance under section 14A read with Rule 8D, only investments yielding exempt income during the relevant year should be considered. The AO's disallowance was set aside and remanded to compute 0.5% disallowance solely on such investments. Regarding disallowance under section 14A while computing book profit under section 115JB, the Tribunal relied on the SC ruling in Apollo Tyres Ltd., holding that disallowance cannot be added back to book profit. Consequently, the addition to book profit was deleted. Both issues raised by the assessee were allowed. en-us Wed, 11 Dec 2024 00:00:00 +0530 Wed, 06 Aug 2025 22:01:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463109 The ITAT Kolkata held that for disallowance under section 14A read with Rule 8D, only investments yielding exempt income during the relevant year should be considered. The AO's disallowance was set aside and remanded to compute 0.5% disallowance solely on such investments. Regarding disallowance under section 14A while computing book profit under section 115JB, the Tribunal relied on the SC ruling in Apollo Tyres Ltd., holding that disallowance cannot be added back to book profit. Consequently, the addition to book profit was deleted. Both issues raised by the assessee were allowed. Case-Laws Income Tax Wed, 11 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463109