https://www.taxtmi.com/caselaws?id=178958 The Tribunal upheld the CIT(A)'s decision, reducing the disallowance under Section 14A to Rs. 1,00,576 based on net interest expenses. It also allowed the Assessee's fresh claim of interest expenses of Rs. 11,24,065, citing precedents supporting corrections even if it results in lower income. The Tribunal remitted the issue of taxing short-term capital gain at a special rate back to the A.O for verification of the capital loss and directed adjustment before taxation. Ultimately, the Tribunal dismissed the Revenue's appeal and allowed the Assessee's cross-objection. en-us Fri, 19 Sep 2014 00:00:00 +0530 Wed, 17 Feb 2016 19:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178958 The Tribunal upheld the CIT(A)'s decision, reducing the disallowance under Section 14A to Rs. 1,00,576 based on net interest expenses. It also allowed the Assessee's fresh claim of interest expenses of Rs. 11,24,065, citing precedents supporting corrections even if it results in lower income. The Tribunal remitted the issue of taxing short-term capital gain at a special rate back to the A.O for verification of the capital loss and directed adjustment before taxation. Ultimately, the Tribunal dismissed the Revenue's appeal and allowed the Assessee's cross-objection. Case-Laws Income Tax Fri, 19 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178958