https://www.taxtmi.com/caselaws?id=178081 The Revenue appealed against the CIT(A)'s penalty imposition under section 271(1)(c) for disallowance under section 14A r.w. Rule 8D. The CIT(A) deleted the penalty citing lack of specific expenditure linked to earning exempt income, following the decision in Reliance Petroproducts case. The AO's failure to establish a direct nexus between expenditure and exempt income resulted in penalty deletion. The appellate tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal. en-us Fri, 20 Mar 2015 00:00:00 +0530 Wed, 27 Jan 2016 23:21:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178081 The Revenue appealed against the CIT(A)'s penalty imposition under section 271(1)(c) for disallowance under section 14A r.w. Rule 8D. The CIT(A) deleted the penalty citing lack of specific expenditure linked to earning exempt income, following the decision in Reliance Petroproducts case. The AO's failure to establish a direct nexus between expenditure and exempt income resulted in penalty deletion. The appellate tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178081