https://www.taxtmi.com/caselaws?id=238317 The Tribunal allowed the assessee's appeal regarding the disallowance of interest on borrowed funds used for advance tax payment, citing the availability of sufficient own funds to cover the tax liability. On the other hand, the Tribunal dismissed the Revenue's appeal concerning the disallowance of expenses under section 14-A read with Rule 8-D, upholding the 5% restriction on exempt income as per previous decisions and the law's prospective application. en-us Wed, 09 Oct 2013 00:00:00 +0530 Mon, 21 Oct 2013 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238317 The Tribunal allowed the assessee's appeal regarding the disallowance of interest on borrowed funds used for advance tax payment, citing the availability of sufficient own funds to cover the tax liability. On the other hand, the Tribunal dismissed the Revenue's appeal concerning the disallowance of expenses under section 14-A read with Rule 8-D, upholding the 5% restriction on exempt income as per previous decisions and the law's prospective application. Case-Laws Income Tax Wed, 09 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238317