https://www.taxtmi.com/caselaws?id=119840 The Tribunal partly allowed the assessee's appeal. It ordered a fresh assessment regarding the disallowance of administrative expenses under section 14A, emphasizing that expenses related to exempt income must be allocated and not deducted from taxable income. The disallowance of interest paid and share issue expenses was upheld, as these issues were previously decided against the assessee. The Tribunal remanded the capital gain issue for reconsideration, instructing the Assessing Officer to account for the actual consideration received from the sale of shares. en-us Tue, 31 Oct 2006 00:00:00 +0530 Thu, 15 Feb 2024 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119840 The Tribunal partly allowed the assessee's appeal. It ordered a fresh assessment regarding the disallowance of administrative expenses under section 14A, emphasizing that expenses related to exempt income must be allocated and not deducted from taxable income. The disallowance of interest paid and share issue expenses was upheld, as these issues were previously decided against the assessee. The Tribunal remanded the capital gain issue for reconsideration, instructing the Assessing Officer to account for the actual consideration received from the sale of shares. Case-Laws Income Tax Tue, 31 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119840