https://www.taxtmi.com/caselaws?id=263876 The ITAT dismissed both the assessee's and revenue's appeals, affirming the decisions on disallowances under section 14A, ESI contribution deduction, and interest expenditure for mutual fund investments. The disallowance under section 14A related to exempt dividend income earned from mutual funds was upheld, emphasizing the applicability of Rule 8D(2)(ii) without requiring a direct link between expenditure and investments. Additionally, the allowance of ESI contribution deduction was supported based on timely remittance to the government account, and the disallowance of interest expenditure for mutual fund investments was overturned due to the lack of evidence linking borrowed funds to investments. en-us Wed, 26 Aug 2015 00:00:00 +0530 Sat, 12 Sep 2015 07:42:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263876 The ITAT dismissed both the assessee's and revenue's appeals, affirming the decisions on disallowances under section 14A, ESI contribution deduction, and interest expenditure for mutual fund investments. The disallowance under section 14A related to exempt dividend income earned from mutual funds was upheld, emphasizing the applicability of Rule 8D(2)(ii) without requiring a direct link between expenditure and investments. Additionally, the allowance of ESI contribution deduction was supported based on timely remittance to the government account, and the disallowance of interest expenditure for mutual fund investments was overturned due to the lack of evidence linking borrowed funds to investments. Case-Laws Income Tax Wed, 26 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263876