https://www.taxtmi.com/caselaws?id=182819 The appeal by the Revenue against the deletion of an addition on account of disallowance under section 14A of the Income Tax Act was dismissed. The Commissioner of Income Tax (Appeals) found no nexus between borrowings and investments, emphasizing the appellant's sufficient own funds to cover investments. The Tribunal upheld this decision, noting the absence of proof that investments were made from borrowed funds. Additionally, the Cross Objection challenging the levy of interest under sections 234B & 234C when income is assessed under section 115JB was dismissed, affirming the levy of interest in such cases. en-us Thu, 30 Sep 2010 00:00:00 +0530 Fri, 20 May 2016 12:48:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182819 The appeal by the Revenue against the deletion of an addition on account of disallowance under section 14A of the Income Tax Act was dismissed. The Commissioner of Income Tax (Appeals) found no nexus between borrowings and investments, emphasizing the appellant's sufficient own funds to cover investments. The Tribunal upheld this decision, noting the absence of proof that investments were made from borrowed funds. Additionally, the Cross Objection challenging the levy of interest under sections 234B & 234C when income is assessed under section 115JB was dismissed, affirming the levy of interest in such cases. Case-Laws Income Tax Thu, 30 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182819