2020 (11) TMI 705

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..... ein held that the disallowance under Rule 8D of the IT Rules read with Section 14A of the Act can never exceed the exempted income earned by the Assessee during the particular assessment year and further, without recording the satisfaction by the Assessing Authority that the apportionment of such disallowable expenditure made by the Assessee with respect to the exempted income is not acceptable fo .....

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..... .09.2020 of the Division Bench of this Court in M/s. Marg Limited Vs. Commissioner of Income Tax,Chennai in which this Court has held as hereunder: 22. We, therefore, dispose of the present appeal by answering question of law in favour of the Assessee and against the Revenue and by holding that the disallowance under Rule 8D of the IT Rules read with Section 14A of the Act can never exceed .....

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