https://www.taxtmi.com/highlights?id=94973 ITAT allowed the assessee's appeal substantially. The disallowance u/s 14A r.w.r. 8D was largely deleted, holding that AO failed to record the mandatory satisfaction u/s 14A(2), rendering application of Rule 8D jurisdictionally invalid; the assessee's suo motu disallowance was accepted, with Rule 8D(2)(i) and 8D(2)(ii) disallowances deleted, and Rule 8D(2)(iii) confined to investments actually yielding exempt income. Disallowances of professional fees to a group foundation and expenses of the UK branch/guest house were held revenue in nature and allowable u/s 37(1), including refurbishment expenses treated as repairs. However, payment for installation of a new pump system was held capital in nature, with depreciation allowable. en-us Fri, 12 Dec 2025 08:55:17 +0530 Fri, 12 Dec 2025 08:55:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=94973 ITAT allowed the assessee's appeal substantially. The disallowance u/s 14A r.w.r. 8D was largely deleted, holding that AO failed to record the mandatory satisfaction u/s 14A(2), rendering application of Rule 8D jurisdictionally invalid; the assessee's suo motu disallowance was accepted, with Rule 8D(2)(i) and 8D(2)(ii) disallowances deleted, and Rule 8D(2)(iii) confined to investments actually yielding exempt income. Disallowances of professional fees to a group foundation and expenses of the UK branch/guest house were held revenue in nature and allowable u/s 37(1), including refurbishment expenses treated as repairs. However, payment for installation of a new pump system was held capital in nature, with depreciation allowable. Highlights Income Tax Fri, 12 Dec 2025 08:55:17 +0530 https://www.taxtmi.com/highlights?id=94973