S. 14A : Disallowance of expenditure-Exempt income-Interest expenditure-Sufficient own funds-Disallowance is not valid-Direction to consider only those investments upon which exempt income earned-Held to be proper. [R.8D]

S.14A : Disallowance of expenditure-Exempt income-No exempt income during year-No disallowance can be made. [R. 8D]

S.14A : Disallowance of expenditure-Exempt income-Disallowing more than 50 Per Cent. of total expenditure claimed-No further disallowance called for-Deletion of disallowance while computing book profits is held to be proper. [S. 115JB, R.8D]

S. 14A : Disallowance of expenditure-Exempt income-Reserves and surplus funds more than investments-Presumption that such investment was made from interest-free funds available with assessee-No interest disallowance warranted. [R. 8D]

S. 14A: Disallowance of expenditure-exempt income-Interest-Not earning any exempt income during year-No disallowance of interest [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Investments made from own funds-No disallowance to be made [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Assessing Officer has arrived at objective satisfaction-Disallowance is justified-Voluntary disallowance made by the Assessee is to be reduced. [R. 8D (2)(iii)]

S. 14A : Disallowance of expenditure-Exempt income-Provision is not applicable in case of insurance business which is governed by specific provisions of section 44 and Schedule. I-Foreign tax credit-Foreign tax credit in respect of taxes paid abroad could never exceed Indian tax liability in respect of related income taxed abroad as also in India-Right of respondent under Rule 27 of the ITAT Rules 1963-Appellant cannot be worse off visa-a-vis the position when he was when the appeal was presented. [S. 44, 90, R. 8D, ITAT Rule 27]

S. 13 : Denial of exemption-Trust or institution-Salary and remuneration to trustees-Specified persons-Members possess requisite qualification-Past years remuneration was allowed after verification-Work involve selection of teachers, interaction with parents, management of capital expenditure, providing resources to schools etc-Members have paid taxes at 30%-Addition confirmed by the CIT (A) is directed to be deleted. [S. 11, 12, 13(1)(c) 147, 148, 164(2)]

S. 12AA : Procedure for registration-Trust or institution-Effective date of registration-Application was made on 4th February, 2020-Exemption is eligible from 1st April, 2020 i.e. Assessment year 2020-21 and not from the assessment year 2021-22 [S. 11, 12, 80G(5)(vi)]