https://www.taxtmi.com/caselaws?id=181286 The Tribunal overturned the disallowances made by the Assessing Officer and upheld by the CIT(A) in most instances. It allowed broken period interest on securities as revenue expenditure, recognized contributions to schemes as business expenses, and permitted a deduction for a trust fund contribution directed by the Supreme Court. Regarding expenditure under section 14A, the Tribunal confirmed the disallowance but directed a re-calculation to apportion expenses between exempt and taxable income. The decision provided relief to the assessee by acknowledging the business nature of the expenditures and ensuring a fair allocation of disallowances. en-us Thu, 16 May 2013 00:00:00 +0530 Tue, 12 Apr 2016 15:01:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181286 The Tribunal overturned the disallowances made by the Assessing Officer and upheld by the CIT(A) in most instances. It allowed broken period interest on securities as revenue expenditure, recognized contributions to schemes as business expenses, and permitted a deduction for a trust fund contribution directed by the Supreme Court. Regarding expenditure under section 14A, the Tribunal confirmed the disallowance but directed a re-calculation to apportion expenses between exempt and taxable income. The decision provided relief to the assessee by acknowledging the business nature of the expenditures and ensuring a fair allocation of disallowances. Case-Laws Income Tax Thu, 16 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181286