https://www.taxtmi.com/caselaws?id=325229 The ITAT dismissed the Revenue's appeals, upholding the CIT(A)'s decisions. The first issue regarding the deletion of addition on accrued interest on OFCPNs/DDBs was decided in favor of the assessee based on precedent. The second issue involved disallowance of loss on sale of OFCPNs, which was deemed a legitimate business loss by the ITAT. The final issue on disallowance of interest expenditure under section 14A was also resolved in favor of the assessee as the expenses incurred had no direct relation to the exempt income. en-us Mon, 01 Feb 2016 00:00:00 +0530 Mon, 14 Mar 2016 12:14:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325229 The ITAT dismissed the Revenue's appeals, upholding the CIT(A)'s decisions. The first issue regarding the deletion of addition on accrued interest on OFCPNs/DDBs was decided in favor of the assessee based on precedent. The second issue involved disallowance of loss on sale of OFCPNs, which was deemed a legitimate business loss by the ITAT. The final issue on disallowance of interest expenditure under section 14A was also resolved in favor of the assessee as the expenses incurred had no direct relation to the exempt income. Case-Laws Income Tax Mon, 01 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325229