https://www.taxtmi.com/caselaws?id=777231 ITAT, Chandigarh allowed the appeal against disallowance under s.14A r.w.r.8D, holding the AO's disallowance unsustainable. The tribunal found investments in mutual funds were carried forward from prior years with no fresh deployment or borrowings during the year, no redemptions or switches, and expenses are reflected in NAV; no evidence rebutted the assessee's explanation. Consequently, no proximate expenditure attributable to exempt income was established and the s.14A disallowance was set aside. en-us Thu, 09 Jan 2025 00:00:00 +0530 Wed, 27 Aug 2025 08:41:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777231 ITAT, Chandigarh allowed the appeal against disallowance under s.14A r.w.r.8D, holding the AO's disallowance unsustainable. The tribunal found investments in mutual funds were carried forward from prior years with no fresh deployment or borrowings during the year, no redemptions or switches, and expenses are reflected in NAV; no evidence rebutted the assessee's explanation. Consequently, no proximate expenditure attributable to exempt income was established and the s.14A disallowance was set aside. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777231