https://www.taxtmi.com/caselaws?id=235035 The Tribunal partly allowed the appeal, ruling in favor of the assessee on the disallowance of expenditure u/s.14A and the levy of interest u/s.234C. The disallowance of deduction claimed u/s.35DDA was dismissed as not pressed by the assessee. The Tribunal emphasized that Rule 8D is not retrospective and exempted the assessee from disallowance regarding interest expenses on foreign currency loans. Additionally, no evidence of indirect expenditure was found, leading to the deletion of the disallowance. The matter of interest levy u/s.234C was remitted to the Assessing Officer for further verification and decision. en-us Tue, 30 Apr 2013 00:00:00 +0530 Tue, 09 Jul 2013 06:46:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235035 The Tribunal partly allowed the appeal, ruling in favor of the assessee on the disallowance of expenditure u/s.14A and the levy of interest u/s.234C. The disallowance of deduction claimed u/s.35DDA was dismissed as not pressed by the assessee. The Tribunal emphasized that Rule 8D is not retrospective and exempted the assessee from disallowance regarding interest expenses on foreign currency loans. Additionally, no evidence of indirect expenditure was found, leading to the deletion of the disallowance. The matter of interest levy u/s.234C was remitted to the Assessing Officer for further verification and decision. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235035