https://www.taxtmi.com/caselaws?id=235201 The High Court upheld the decisions of the CIT [A] and the Tribunal, ruling in favor of the assessee. The disallowance of Rs. 18,38,000 under section 14A of the Income Tax Act was deleted as the investment was made from interest-free funds larger than the exempted income, with no established nexus between borrowed funds and investments. Additionally, the disallowance of Rs. 10,94,242 of software expenses was not open for reconsideration due to a previous favorable decision for the assessee, resulting in the dismissal of the Tax Appeal. en-us Tue, 02 Jul 2013 00:00:00 +0530 Mon, 15 Jul 2013 09:30:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235201 The High Court upheld the decisions of the CIT [A] and the Tribunal, ruling in favor of the assessee. The disallowance of Rs. 18,38,000 under section 14A of the Income Tax Act was deleted as the investment was made from interest-free funds larger than the exempted income, with no established nexus between borrowed funds and investments. Additionally, the disallowance of Rs. 10,94,242 of software expenses was not open for reconsideration due to a previous favorable decision for the assessee, resulting in the dismissal of the Tax Appeal. Case-Laws Income Tax Tue, 02 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235201