https://www.taxtmi.com/caselaws?id=262405 The Tribunal dismissed the revenue's appeal and partially allowed the assessee's cross objection. The disallowance under Section 14A was restricted to 10% of dividend income. The penalty for violation of stock exchange bye-laws was deleted as it was for contractual breaches, not statutory violations. Club membership fees were considered revenue expenditure for business purposes. The disallowance of sundry balance written off under section 36(2) was allowed as a normal business expense. The Tribunal provided detailed reasoning for each issue. en-us Fri, 17 Apr 2015 00:00:00 +0530 Wed, 05 Aug 2015 08:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262405 The Tribunal dismissed the revenue's appeal and partially allowed the assessee's cross objection. The disallowance under Section 14A was restricted to 10% of dividend income. The penalty for violation of stock exchange bye-laws was deleted as it was for contractual breaches, not statutory violations. Club membership fees were considered revenue expenditure for business purposes. The disallowance of sundry balance written off under section 36(2) was allowed as a normal business expense. The Tribunal provided detailed reasoning for each issue. Case-Laws Income Tax Fri, 17 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262405