Tribunal held that the disallowance of expenditure under section 14A exceeded the dividend income claimed as exempt by the assessee. The disallowance on account of administrative expenses under rule 8D(2)(iii) was to be restricted to the extent of exempt income claimed by the assessee. (AY. 2015-16)
Maharaja Shree Umaid Mills Ltd. v. Dy. CIT (2020) 83 ITR 498 (Jaipur)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Administrative expenses-Restricted to the extent of exempt income. [R. 8D]