https://www.taxtmi.com/caselaws?id=169866 The Tribunal dismissed the revenue's appeals, upholding the CIT(A)'s orders for both assessment years. It emphasized the necessity of substantial reasons for reopening assessments and the essential link between interest-bearing funds and exempt income for disallowances under section 14A. The assessing officer's actions were deemed unsustainable in law, with the CIT(A) emphasizing that house property tax payments were allowable when the property income was already taxed. The addition under section 14A for the relevant year was deleted due to the absence of a connection between interest-bearing borrowings and exempt income, further noting the prospective applicability of section 14A and rule 8D. en-us Thu, 27 Feb 2014 00:00:00 +0530 Wed, 29 Oct 2014 11:35:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169866 The Tribunal dismissed the revenue's appeals, upholding the CIT(A)'s orders for both assessment years. It emphasized the necessity of substantial reasons for reopening assessments and the essential link between interest-bearing funds and exempt income for disallowances under section 14A. The assessing officer's actions were deemed unsustainable in law, with the CIT(A) emphasizing that house property tax payments were allowable when the property income was already taxed. The addition under section 14A for the relevant year was deleted due to the absence of a connection between interest-bearing borrowings and exempt income, further noting the prospective applicability of section 14A and rule 8D. Case-Laws Income Tax Thu, 27 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169866