https://www.taxtmi.com/caselaws?id=236046 The Tribunal ruled in favor of the assessee, dismissing the revenue's appeal regarding the disallowance under section 14A of the Income Tax Act for the assessment year 2004-05. The Tribunal found that there was no evidence supporting the disallowance, emphasizing the availability of surplus cash and the lack of proof that interest-bearing funds were diverted for non-business purposes. It concluded that the Assessing Officer's argument regarding the use of own funds instead of interest-bearing borrowings was unfounded. en-us Fri, 15 Jul 2011 00:00:00 +0530 Mon, 12 Aug 2013 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236046 The Tribunal ruled in favor of the assessee, dismissing the revenue's appeal regarding the disallowance under section 14A of the Income Tax Act for the assessment year 2004-05. The Tribunal found that there was no evidence supporting the disallowance, emphasizing the availability of surplus cash and the lack of proof that interest-bearing funds were diverted for non-business purposes. It concluded that the Assessing Officer's argument regarding the use of own funds instead of interest-bearing borrowings was unfounded. Case-Laws Income Tax Fri, 15 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236046