https://www.taxtmi.com/caselaws?id=246783 The ITAT Mumbai held that the AO's disallowance under section 14A was unjustified as the assessee's investments, primarily in subsidiaries and joint ventures, were strategic and long-term, not aimed at earning dividend income. The assessee demonstrated no expenditure was incurred to maintain these investments. The department did not dispute the nature of these investments. Relying on precedent, the tribunal found no basis for disallowance without evidence of expenditure incurred to earn exempt income. The disallowance under section 14A was set aside, ruling in favor of the assessee. en-us Wed, 26 Mar 2014 00:00:00 +0530 Tue, 29 Jul 2025 14:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246783 The ITAT Mumbai held that the AO's disallowance under section 14A was unjustified as the assessee's investments, primarily in subsidiaries and joint ventures, were strategic and long-term, not aimed at earning dividend income. The assessee demonstrated no expenditure was incurred to maintain these investments. The department did not dispute the nature of these investments. Relying on precedent, the tribunal found no basis for disallowance without evidence of expenditure incurred to earn exempt income. The disallowance under section 14A was set aside, ruling in favor of the assessee. Case-Laws Income Tax Wed, 26 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246783