https://www.taxtmi.com/caselaws?id=59576 The Tribunal partly allowed the assessee's appeal for statistical purposes, directing the AO to rework the disallowed expenditure according to Rule 8D of the IT Rules, 1962. It upheld the applicability of Section 14A, affirming that the partnership firm is a separate legal entity under the IT Act. The Tribunal emphasized that the income charged in the hands of the firm cannot be treated as non-exempt income in the hands of a partner, thus supporting the disallowance of expenses related to exempt income. en-us Tue, 06 Jan 2009 00:00:00 +0530 Thu, 30 Nov 2023 19:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59576 The Tribunal partly allowed the assessee's appeal for statistical purposes, directing the AO to rework the disallowed expenditure according to Rule 8D of the IT Rules, 1962. It upheld the applicability of Section 14A, affirming that the partnership firm is a separate legal entity under the IT Act. The Tribunal emphasized that the income charged in the hands of the firm cannot be treated as non-exempt income in the hands of a partner, thus supporting the disallowance of expenses related to exempt income. Case-Laws Income Tax Tue, 06 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59576