https://www.taxtmi.com/caselaws?id=464427 ITAT (Chandigarh) allowed the assessee's appeal for statistical purposes, holding that a suo-moto disallowance under s.14A in the return can be revisited if the assessee satisfactorily demonstrates it was made incorrectly. The Tribunal rejected Revenue's contention that an assessee cannot resile from its own estimate and rejected presumption that investments were funded by borrowings. As the AO/CIT(A) did not examine availability/use of interest-free own funds or record requisite satisfaction under Rule 8D, the matter is remitted to the CIT(A) to verify facts and decide afresh in accordance with law. en-us Thu, 08 Feb 2018 00:00:00 +0530 Tue, 28 Oct 2025 12:44:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464427 ITAT (Chandigarh) allowed the assessee's appeal for statistical purposes, holding that a suo-moto disallowance under s.14A in the return can be revisited if the assessee satisfactorily demonstrates it was made incorrectly. The Tribunal rejected Revenue's contention that an assessee cannot resile from its own estimate and rejected presumption that investments were funded by borrowings. As the AO/CIT(A) did not examine availability/use of interest-free own funds or record requisite satisfaction under Rule 8D, the matter is remitted to the CIT(A) to verify facts and decide afresh in accordance with law. Case-Laws Income Tax Thu, 08 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464427