https://www.taxtmi.com/caselaws?id=236084 The Tribunal allowed the appeal of the assessee concerning disallowances under the Income Tax Act, 1961. The disallowance under section 14A was reduced to Rs.8,00,000/-, and the disallowance of various expenses for personal use was deleted. The Tribunal emphasized that interest on borrowed funds for business purposes is allowable under section 36(1)(iii) and ruled that disallowances based on personal elements do not apply to private limited companies. The order was pronounced on 20.04.2012. en-us Fri, 20 Apr 2012 00:00:00 +0530 Tue, 13 Aug 2013 13:01:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236084 The Tribunal allowed the appeal of the assessee concerning disallowances under the Income Tax Act, 1961. The disallowance under section 14A was reduced to Rs.8,00,000/-, and the disallowance of various expenses for personal use was deleted. The Tribunal emphasized that interest on borrowed funds for business purposes is allowable under section 36(1)(iii) and ruled that disallowances based on personal elements do not apply to private limited companies. The order was pronounced on 20.04.2012. Case-Laws Income Tax Fri, 20 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236084