https://www.taxtmi.com/caselaws?id=209902 The Tribunal upheld the disallowance of Rs. 17,04,535 under Section 14A of the Income-tax Act, rejecting the assessee's contentions regarding the disallowance of interest paid to partners and the proposed alternative calculation method. It concluded that interest paid to partners is not a special deduction and should be disallowed if incurred for earning exempt income. The Tribunal affirmed that the entire interest expenditure related to investments generating exempt income should be disallowed. Consequently, the appeal of the assessee was dismissed, and the disallowance under Section 14A was upheld. en-us Thu, 09 Jun 2011 00:00:00 +0530 Tue, 09 Jul 2013 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209902 The Tribunal upheld the disallowance of Rs. 17,04,535 under Section 14A of the Income-tax Act, rejecting the assessee's contentions regarding the disallowance of interest paid to partners and the proposed alternative calculation method. It concluded that interest paid to partners is not a special deduction and should be disallowed if incurred for earning exempt income. The Tribunal affirmed that the entire interest expenditure related to investments generating exempt income should be disallowed. Consequently, the appeal of the assessee was dismissed, and the disallowance under Section 14A was upheld. Case-Laws Income Tax Thu, 09 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209902