https://www.taxtmi.com/caselaws?id=204389 The Tribunal held that the interest income of Rs.2.34 crores received from the partnership firm is taxable under "Profits and gains of business or profession." The interest expenditure of Rs.1.82 crores was found to be allowable under section 36(1)(iii). The Tribunal ruled that section 14A cannot be invoked for the first time before the Tribunal, and no disallowance of interest expenditure is warranted under section 14A as the interest paid had a direct relation to the interest income received. The appeal was dismissed, upholding the CIT(A)'s order. en-us Wed, 20 Oct 2010 00:00:00 +0530 Wed, 08 Jun 2011 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204389 The Tribunal held that the interest income of Rs.2.34 crores received from the partnership firm is taxable under "Profits and gains of business or profession." The interest expenditure of Rs.1.82 crores was found to be allowable under section 36(1)(iii). The Tribunal ruled that section 14A cannot be invoked for the first time before the Tribunal, and no disallowance of interest expenditure is warranted under section 14A as the interest paid had a direct relation to the interest income received. The appeal was dismissed, upholding the CIT(A)'s order. Case-Laws Income Tax Wed, 20 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204389