https://www.taxtmi.com/caselaws?id=251408 The HC upheld the Tribunal's deletion of disallowance under section 14A, rejecting the revenue's claim that the assessee earned dividend income warranting disallowance. The court noted contradictions in the revenue's submissions regarding the purpose of share acquisition. It affirmed that the assessee, an investment company, legitimately incurred expenses to protect its investments and conduct business, which were neither doubted by the AO nor CIT(A). The HC confirmed that LTCG on sale of shares is not taxable if STT is paid, while private off-market transactions attract capital gains tax. The decision favored the assessee, ruling against the revenue's disallowance of expenditure. en-us Fri, 05 Sep 2014 00:00:00 +0530 Fri, 01 Aug 2025 15:38:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251408 The HC upheld the Tribunal's deletion of disallowance under section 14A, rejecting the revenue's claim that the assessee earned dividend income warranting disallowance. The court noted contradictions in the revenue's submissions regarding the purpose of share acquisition. It affirmed that the assessee, an investment company, legitimately incurred expenses to protect its investments and conduct business, which were neither doubted by the AO nor CIT(A). The HC confirmed that LTCG on sale of shares is not taxable if STT is paid, while private off-market transactions attract capital gains tax. The decision favored the assessee, ruling against the revenue's disallowance of expenditure. Case-Laws Income Tax Fri, 05 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251408