https://www.taxtmi.com/caselaws?id=119754 The Tribunal upheld the disallowance of interest expenditure under section 14A of the Income-tax Act, 1961, ruling that interest incurred on funds used to acquire shares generating exempt income is not allowable against taxable income. The claim for stamp duty as a business expense and its addition to closing stock of shares was dismissed. The issue of carry forward of business loss was considered consequential. The penalty under section 271(1)(c) was deleted as the assessee's claim was made in good faith, not constituting concealment of income or furnishing inaccurate particulars. en-us Fri, 08 Dec 2006 00:00:00 +0530 Sat, 16 Jul 2016 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119754 The Tribunal upheld the disallowance of interest expenditure under section 14A of the Income-tax Act, 1961, ruling that interest incurred on funds used to acquire shares generating exempt income is not allowable against taxable income. The claim for stamp duty as a business expense and its addition to closing stock of shares was dismissed. The issue of carry forward of business loss was considered consequential. The penalty under section 271(1)(c) was deleted as the assessee's claim was made in good faith, not constituting concealment of income or furnishing inaccurate particulars. Case-Laws Income Tax Fri, 08 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119754