https://www.taxtmi.com/caselaws?id=238674 The Appellate Tribunal ruled in favor of the appellant, setting aside the disallowance made under section 14A of the Income-tax Act. The Tribunal emphasized the need for a direct connection between borrowed funds and investments for any disallowance to be justified, as per the provisions of Rule 8D. The judgment highlighted the importance of substantiating actual expenditure for earning exempt income before making any disallowances, in line with established legal principles. en-us Wed, 18 Sep 2013 00:00:00 +0530 Tue, 29 Oct 2013 08:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238674 The Appellate Tribunal ruled in favor of the appellant, setting aside the disallowance made under section 14A of the Income-tax Act. The Tribunal emphasized the need for a direct connection between borrowed funds and investments for any disallowance to be justified, as per the provisions of Rule 8D. The judgment highlighted the importance of substantiating actual expenditure for earning exempt income before making any disallowances, in line with established legal principles. Case-Laws Income Tax Wed, 18 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238674