https://www.taxtmi.com/caselaws?id=250885 The appeal challenging the disallowance under Section 14A of the Income Tax Act was allowed as the Tribunal found no specific expenditure incurred for earning exempt income, following legal precedents requiring a finding of actual expenditure. In contrast, the appeal contesting the addition under Section 68 for unexplained cash credit was dismissed, as the assessee failed to establish the creditworthiness of shareholders and genuineness of transactions. The Tribunal upheld the CIT(A)'s decision, emphasizing the importance of credible evidence and surrounding circumstances in assessing transaction genuineness. en-us Thu, 31 Jul 2014 00:00:00 +0530 Sat, 09 Aug 2014 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250885 The appeal challenging the disallowance under Section 14A of the Income Tax Act was allowed as the Tribunal found no specific expenditure incurred for earning exempt income, following legal precedents requiring a finding of actual expenditure. In contrast, the appeal contesting the addition under Section 68 for unexplained cash credit was dismissed, as the assessee failed to establish the creditworthiness of shareholders and genuineness of transactions. The Tribunal upheld the CIT(A)'s decision, emphasizing the importance of credible evidence and surrounding circumstances in assessing transaction genuineness. Case-Laws Income Tax Thu, 31 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250885