https://www.taxtmi.com/caselaws?id=256672 The court upheld the decision in favor of the assessee, ruling that the Revenue failed to prove the usage of interest bearing funds to disallow exemptions claimed under Section 14A. The burden of proof was on the Revenue, and without sufficient evidence, the appeal was dismissed, citing the need for clear and cogent material for disallowance. The judgment emphasized the strict interpretation of Section 14A and referenced precedents supporting the assessee's position. en-us Tue, 27 Jan 2015 00:00:00 +0530 Tue, 03 May 2016 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256672 The court upheld the decision in favor of the assessee, ruling that the Revenue failed to prove the usage of interest bearing funds to disallow exemptions claimed under Section 14A. The burden of proof was on the Revenue, and without sufficient evidence, the appeal was dismissed, citing the need for clear and cogent material for disallowance. The judgment emphasized the strict interpretation of Section 14A and referenced precedents supporting the assessee's position. Case-Laws Income Tax Tue, 27 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256672