https://www.taxtmi.com/caselaws?id=253754 The assessee's appeal was allowed for statistical purposes regarding the disallowance under Section 14A of the Income Tax Act, with the Tribunal directing the Assessing Officer to calculate the disallowance based on net interest. The disallowance of interest payment under Section 36(1)(iii) was deleted as the borrowed funds were used for business purposes. The Revenue's appeal against the addition on account of rate difference/commission paid to peta dealers was rejected as the payments were genuine and related to sales. The Tribunal upheld the decisions, dismissing the Revenue's appeal and allowing the assessee's appeal. en-us Fri, 28 Nov 2014 00:00:00 +0530 Wed, 03 Dec 2014 10:16:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253754 The assessee's appeal was allowed for statistical purposes regarding the disallowance under Section 14A of the Income Tax Act, with the Tribunal directing the Assessing Officer to calculate the disallowance based on net interest. The disallowance of interest payment under Section 36(1)(iii) was deleted as the borrowed funds were used for business purposes. The Revenue's appeal against the addition on account of rate difference/commission paid to peta dealers was rejected as the payments were genuine and related to sales. The Tribunal upheld the decisions, dismissing the Revenue's appeal and allowing the assessee's appeal. Case-Laws Income Tax Fri, 28 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253754