https://www.taxtmi.com/article/detailed?id=1789 The issue is whether interest on borrowed funds used to invest in a partnership must be disallowed under Section 14A because the partner's share of profit is exempt under Section 10(2A). The Tribunal deleted the disallowance after finding no profit arose in the relevant year; the High Court dismissed the appeal on that factual basis, holding the legal question did not arise. The author notes the High Court did not decide the broader applicability of Section 14A where exemption derives from taxation of the payer. en-us Wed, 27 Jun 2012 20:08:07 +0530 Wed, 27 Jun 2012 20:08:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1789 The issue is whether interest on borrowed funds used to invest in a partnership must be disallowed under Section 14A because the partner's share of profit is exempt under Section 10(2A). The Tribunal deleted the disallowance after finding no profit arose in the relevant year; the High Court dismissed the appeal on that factual basis, holding the legal question did not arise. The author notes the High Court did not decide the broader applicability of Section 14A where exemption derives from taxation of the payer. Articles Income Tax Wed, 27 Jun 2012 20:08:07 +0530 https://www.taxtmi.com/article/detailed?id=1789