https://www.taxtmi.com/caselaws?id=259949 The HC set aside the Tribunal's order and remanded the disallowance under section 14A to the AO for fresh adjudication, directing a detailed examination of accounts, term loans, and interest-free funds to determine any reasonable disallowance related to dividend income. It held that for computing book profit under section 115JB, only actual expenditures debited in the Profit & Loss account can be added back, rejecting the application of section 14A where no such expenditure is debited. The court declined to entertain certain revenue appeals based on precedent. Regarding interest under section 234B, the HC ruled that retrospective amendments cannot impose interest liability where no default in advance tax payment existed, deciding against the revenue on this issue as well. en-us Thu, 30 Apr 2015 00:00:00 +0530 Tue, 12 Aug 2025 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259949 The HC set aside the Tribunal's order and remanded the disallowance under section 14A to the AO for fresh adjudication, directing a detailed examination of accounts, term loans, and interest-free funds to determine any reasonable disallowance related to dividend income. It held that for computing book profit under section 115JB, only actual expenditures debited in the Profit & Loss account can be added back, rejecting the application of section 14A where no such expenditure is debited. The court declined to entertain certain revenue appeals based on precedent. Regarding interest under section 234B, the HC ruled that retrospective amendments cannot impose interest liability where no default in advance tax payment existed, deciding against the revenue on this issue as well. Case-Laws Income Tax Thu, 30 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259949