https://www.taxtmi.com/caselaws?id=266234 The Appellate Tribunal upheld the decisions of the Ld. CIT(A) in both issues, dismissing the revenue's appeal in its entirety. The disallowance under section 14A of the Income Tax Act, 1961, was partly deleted for interest expenses but upheld for indirect expenses due to lack of nexus with tax-free investments. The disallowance of Depreciation on an Imported Car was also deleted as the car was part of the block of assets and had already been allowed in previous years, with no evidence of non-business use. en-us Wed, 09 Sep 2015 00:00:00 +0530 Mon, 19 Oct 2015 07:58:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266234 The Appellate Tribunal upheld the decisions of the Ld. CIT(A) in both issues, dismissing the revenue's appeal in its entirety. The disallowance under section 14A of the Income Tax Act, 1961, was partly deleted for interest expenses but upheld for indirect expenses due to lack of nexus with tax-free investments. The disallowance of Depreciation on an Imported Car was also deleted as the car was part of the block of assets and had already been allowed in previous years, with no evidence of non-business use. Case-Laws Income Tax Wed, 09 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266234