https://www.taxtmi.com/caselaws?id=176928 The Tribunal upheld the CIT(A)'s decision to delete disallowances made under Section 14A of the Income-tax Act, 1961, with respect to exempt income from shares investments. The Tribunal found that the loans taken were for specific business purposes, and the assessee had substantial own funds exceeding the investments in shares. The Tribunal concluded that the CIT(A) was justified in deleting the disallowances under rule 8D(2)(ii) and dismissed both the Revenue's appeals and the Cross Objection of the assessee. en-us Thu, 22 Jan 2015 00:00:00 +0530 Thu, 31 Dec 2015 12:36:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176928 The Tribunal upheld the CIT(A)'s decision to delete disallowances made under Section 14A of the Income-tax Act, 1961, with respect to exempt income from shares investments. The Tribunal found that the loans taken were for specific business purposes, and the assessee had substantial own funds exceeding the investments in shares. The Tribunal concluded that the CIT(A) was justified in deleting the disallowances under rule 8D(2)(ii) and dismissed both the Revenue's appeals and the Cross Objection of the assessee. Case-Laws Income Tax Thu, 22 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176928