https://www.taxtmi.com/caselaws?id=463107 ITAT Kolkata held that disallowance under section 14A read with Rule 8D(2)(iii) could not be sustained where mutual funds held as stock-in-trade were purchased and sold within the same month, resulting in zero average investment. The tribunal set aside the CIT(A)'s order and directed deletion of the disallowance. Regarding MAT computation under section 115JB, relying on precedent, the ITAT ruled that no disallowance under section 14A could be made to book profit for MAT purposes. Consequently, the tribunal allowed the assessee's grounds, set aside the CIT(A)'s order, and directed the AO to delete the disallowance. en-us Tue, 17 Jan 2023 00:00:00 +0530 Wed, 06 Aug 2025 22:01:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463107 ITAT Kolkata held that disallowance under section 14A read with Rule 8D(2)(iii) could not be sustained where mutual funds held as stock-in-trade were purchased and sold within the same month, resulting in zero average investment. The tribunal set aside the CIT(A)'s order and directed deletion of the disallowance. Regarding MAT computation under section 115JB, relying on precedent, the ITAT ruled that no disallowance under section 14A could be made to book profit for MAT purposes. Consequently, the tribunal allowed the assessee's grounds, set aside the CIT(A)'s order, and directed the AO to delete the disallowance. Case-Laws Income Tax Tue, 17 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463107