https://www.taxtmi.com/caselaws?id=181382 The Tribunal allowed the appeal filed by the assessee-company, rejecting the disallowances made by the Assessing Officer and CIT(A). The Tribunal held that the expenditure disallowed under section 14A was essential for day-to-day activities and not directly linked to earning exempt income. Additionally, the Tribunal emphasized that business expenditure can be claimed even in the absence of business income if there is an intention to continue business activities. Finally, the Tribunal allowed the deduction of professional fees for a prior period, stating they can be claimed in the year of payment under section 43B of the Act. en-us Wed, 12 Oct 2011 00:00:00 +0530 Mon, 18 Sep 2017 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181382 The Tribunal allowed the appeal filed by the assessee-company, rejecting the disallowances made by the Assessing Officer and CIT(A). The Tribunal held that the expenditure disallowed under section 14A was essential for day-to-day activities and not directly linked to earning exempt income. Additionally, the Tribunal emphasized that business expenditure can be claimed even in the absence of business income if there is an intention to continue business activities. Finally, the Tribunal allowed the deduction of professional fees for a prior period, stating they can be claimed in the year of payment under section 43B of the Act. Case-Laws Income Tax Wed, 12 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181382