https://www.taxtmi.com/caselaws?id=252647 The Tribunal upheld the CIT(A)'s decision in the case, limiting the interest disallowance to Rs. 29,91,393 under Rule 8D(2)(i) as the assessee established a direct nexus between borrowings and investments. Additionally, the Rs. 50 lakhs paid to SEBI was deemed a business expenditure and not a penalty, as it was for commercial expediency and not for infraction of law. The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s rulings on both issues. en-us Wed, 22 Oct 2014 00:00:00 +0530 Fri, 31 Oct 2014 07:51:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252647 The Tribunal upheld the CIT(A)'s decision in the case, limiting the interest disallowance to Rs. 29,91,393 under Rule 8D(2)(i) as the assessee established a direct nexus between borrowings and investments. Additionally, the Rs. 50 lakhs paid to SEBI was deemed a business expenditure and not a penalty, as it was for commercial expediency and not for infraction of law. The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s rulings on both issues. Case-Laws Income Tax Wed, 22 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252647