https://www.taxtmi.com/caselaws?id=214792 The ITAT allowed the appeal of the appellant, a Private Limited Company, in a case involving disallowance under section 14A of the Income Tax Act, 1961, and adhoc disallowance of expenses for the Assessment Year 2007-08. The ITAT concluded that the disallowance under section 14A was not warranted as the appellant had sufficient interest-free funds to cover the share investment. Additionally, the ITAT deleted the adhoc disallowance of expenses as the taxing authority failed to prove that the expenses were not solely and exclusively for business purposes. en-us Fri, 22 Jun 2012 00:00:00 +0530 Sat, 16 Apr 2016 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214792 The ITAT allowed the appeal of the appellant, a Private Limited Company, in a case involving disallowance under section 14A of the Income Tax Act, 1961, and adhoc disallowance of expenses for the Assessment Year 2007-08. The ITAT concluded that the disallowance under section 14A was not warranted as the appellant had sufficient interest-free funds to cover the share investment. Additionally, the ITAT deleted the adhoc disallowance of expenses as the taxing authority failed to prove that the expenses were not solely and exclusively for business purposes. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214792