https://www.taxtmi.com/caselaws?id=267583 The HC upheld the ITAT's deletion of the disallowance of interest expenses under section 14A read with rule 8D, rejecting the AO's claim that the assessee failed to prove investments were made from interest-free funds. The court found the CIT(A) and ITAT's findings favorable to the assessee and declined to follow contrary precedent cited by the Revenue. Regarding disallowance under section 40(a)(ia) for non-deduction of TDS on overseas freight payments, the HC agreed with the ITAT that such payments to a non-resident shipping company do not fall under sections 194C or 194, thus deleting the disallowance. Both issues were decided against the Revenue. en-us Mon, 27 Apr 2015 00:00:00 +0530 Fri, 25 Jul 2025 16:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267583 The HC upheld the ITAT's deletion of the disallowance of interest expenses under section 14A read with rule 8D, rejecting the AO's claim that the assessee failed to prove investments were made from interest-free funds. The court found the CIT(A) and ITAT's findings favorable to the assessee and declined to follow contrary precedent cited by the Revenue. Regarding disallowance under section 40(a)(ia) for non-deduction of TDS on overseas freight payments, the HC agreed with the ITAT that such payments to a non-resident shipping company do not fall under sections 194C or 194, thus deleting the disallowance. Both issues were decided against the Revenue. Case-Laws Income Tax Mon, 27 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267583