https://www.taxtmi.com/caselaws?id=270740 The Tribunal allowed the assessee's appeal and partly allowed the Revenue's appeal for statistical purposes. It ruled that no disallowance under section 14A of the Act should be made in the absence of exempt income. The deletion of the addition related to scrap sale amount was upheld due to variations in scrap generation being linked to production factors. However, the disallowance of interest payable to a specified person was remitted for fresh consideration based on discrepancies in balance figures, emphasizing the need for accurate establishment of links in financial transactions for justifying disallowances under the Income Tax Act. en-us Fri, 23 Oct 2015 00:00:00 +0530 Thu, 14 Jan 2016 11:53:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270740 The Tribunal allowed the assessee's appeal and partly allowed the Revenue's appeal for statistical purposes. It ruled that no disallowance under section 14A of the Act should be made in the absence of exempt income. The deletion of the addition related to scrap sale amount was upheld due to variations in scrap generation being linked to production factors. However, the disallowance of interest payable to a specified person was remitted for fresh consideration based on discrepancies in balance figures, emphasizing the need for accurate establishment of links in financial transactions for justifying disallowances under the Income Tax Act. Case-Laws Income Tax Fri, 23 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270740