ITAT Pune Directs Exclusion of Mutual Funds & Tax-Free Bonds While Computing Rule 8D Disallowance

Quick Heal Technologies Limited Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT), Pune Bench, adjudicated appeals filed by the assessee for Assessment Years (AYs) 2018-19 and 2020-21 against separate orders passed by the National Faceless Appeal Centre under Section 250 of the Income-tax Act, 1961. Both appeals arose from assessment orders passed under Sections 143(3) read with Sections 143(3A), 143(3B), and 144B of the Act. Since identical issues were involved in both years, the Tribunal treated AY 2018-19 as the lead case and held that its findings would apply mutatis mutandis to ...