https://www.taxtmi.com/caselaws?id=218443 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the disallowance of expenses under section 14A of the Income Tax Act related to exempt income for the assessment year 2008-09. The High Court's judgment clarified that expenses incidental to trading shares, even if leading to dividend income, should not be disallowed under section 14A. The decision was based on the specific circumstances regarding the treatment of expenses in relation to dividend income from trading shares, emphasizing that the primary purpose of holding such shares for trading activities outweighed earning dividend income. en-us Fri, 14 Sep 2012 00:00:00 +0530 Fri, 16 Nov 2012 06:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218443 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the disallowance of expenses under section 14A of the Income Tax Act related to exempt income for the assessment year 2008-09. The High Court's judgment clarified that expenses incidental to trading shares, even if leading to dividend income, should not be disallowed under section 14A. The decision was based on the specific circumstances regarding the treatment of expenses in relation to dividend income from trading shares, emphasizing that the primary purpose of holding such shares for trading activities outweighed earning dividend income. Case-Laws Income Tax Fri, 14 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218443