https://www.taxtmi.com/caselaws?id=266786 The High Court dismissed the appeal regarding disallowance under section 14A of the Income Tax Act, noting a settled matter from a previous year. The Court upheld the Tribunal's decision to allow the written-off amount as bad debt under section 36 (1) (vii) r.w.s.36 (2), emphasizing that interest earned on InterCorporate Deposits (ICDs) was part of business activity. The Court rejected the revenue's contentions, stating the interest not received could be written off under section 36 (1) (vii) and allowed the principal amount and interest as business loss. The appeal was dismissed without costs. en-us Mon, 12 Oct 2015 00:00:00 +0530 Fri, 23 Oct 2015 22:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266786 The High Court dismissed the appeal regarding disallowance under section 14A of the Income Tax Act, noting a settled matter from a previous year. The Court upheld the Tribunal's decision to allow the written-off amount as bad debt under section 36 (1) (vii) r.w.s.36 (2), emphasizing that interest earned on InterCorporate Deposits (ICDs) was part of business activity. The Court rejected the revenue's contentions, stating the interest not received could be written off under section 36 (1) (vii) and allowed the principal amount and interest as business loss. The appeal was dismissed without costs. Case-Laws Income Tax Mon, 12 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266786