https://www.taxtmi.com/caselaws?id=254953 The ITAT, Ahmedabad, allowed the appeal of the assessee, overturning the disallowances made by the AO and CIT(A) regarding interest expenses under section 14A for tax-free income and depreciation claimed on a motor car used for business purposes. The ITAT emphasized the availability of interest-free funds and the asset's business usage, following precedents such as Reliance and Power Ltd vs. CIT and ICDS Ltd vs. CIT. en-us Fri, 17 Oct 2014 00:00:00 +0530 Mon, 05 Jan 2015 06:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254953 The ITAT, Ahmedabad, allowed the appeal of the assessee, overturning the disallowances made by the AO and CIT(A) regarding interest expenses under section 14A for tax-free income and depreciation claimed on a motor car used for business purposes. The ITAT emphasized the availability of interest-free funds and the asset's business usage, following precedents such as Reliance and Power Ltd vs. CIT and ICDS Ltd vs. CIT. Case-Laws Income Tax Fri, 17 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254953