https://www.taxtmi.com/caselaws?id=239187 The Tribunal dismissed the Revenue's appeal and allowed the assessee's appeal regarding the disallowance under Section 14A and allowance under Section 80IB. The Tribunal held that there was no nexus between borrowed funds and investments made to earn exempt income, thus no disallowance under Section 14A should have been made. Additionally, the Tribunal upheld previous findings in favor of the assessee regarding the entitlement to claim deduction under Section 80IB for the Banas-II plant. The Tribunal reversed the CIT(A)'s decision on the disallowance of additional amount under Section 14A for interest income from deposits with a Co-op. Bank, allowing this ground of the assessee. en-us Fri, 30 Aug 2013 00:00:00 +0530 Fri, 08 Nov 2013 07:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239187 The Tribunal dismissed the Revenue's appeal and allowed the assessee's appeal regarding the disallowance under Section 14A and allowance under Section 80IB. The Tribunal held that there was no nexus between borrowed funds and investments made to earn exempt income, thus no disallowance under Section 14A should have been made. Additionally, the Tribunal upheld previous findings in favor of the assessee regarding the entitlement to claim deduction under Section 80IB for the Banas-II plant. The Tribunal reversed the CIT(A)'s decision on the disallowance of additional amount under Section 14A for interest income from deposits with a Co-op. Bank, allowing this ground of the assessee. Case-Laws Income Tax Fri, 30 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239187