Bench: Shri George Mathan, Jm & Shri Ramit Kochar, Am

Section 14A of the 1961 Act read with Rule 8D(2)(ii) and 8D(2)(iii) of the 1962 Rules, as was made by the AO is reproduced as hereunder: “4.3 Accordingly, the disallowance u/s 14A read with Rule 8D is worked out as under: (i) Direct expenditure relating to exempt income Nil (ii) Interest relating to exempt income