https://www.taxtmi.com/caselaws?id=221074 The High Court upheld the Tribunal's decisions on both issues, dismissing the appeal as no infirmity was found in the Tribunal's reasoning. The disallowance of Rs.15 lacs under section 14A of the Income Tax Act was deleted as interest paid on funds invested in shares yielding no dividend income cannot be disallowed under section 14A. Additionally, the disallowance of interest expenses amounting to Rs.11,09,000/- under section 36(1)(iii) of the Act was deleted as the amendment in section 36(1)(iii) was not retrospective, and interest on borrowed funds is an allowable deduction if used for business purposes. en-us Mon, 09 Jan 2012 00:00:00 +0530 Thu, 21 Feb 2013 07:42:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221074 The High Court upheld the Tribunal's decisions on both issues, dismissing the appeal as no infirmity was found in the Tribunal's reasoning. The disallowance of Rs.15 lacs under section 14A of the Income Tax Act was deleted as interest paid on funds invested in shares yielding no dividend income cannot be disallowed under section 14A. Additionally, the disallowance of interest expenses amounting to Rs.11,09,000/- under section 36(1)(iii) of the Act was deleted as the amendment in section 36(1)(iii) was not retrospective, and interest on borrowed funds is an allowable deduction if used for business purposes. Case-Laws Income Tax Mon, 09 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221074