https://www.taxtmi.com/caselaws?id=330439 The Tribunal ruled in favor of the assessee on both issues. Regarding Section 14A disallowance, the Tribunal upheld the CIT(A)'s decision to delete disallowances, emphasizing the absence of exempt income and the availability of interest-free funds for investments. Concerning interest disallowance under Section 36(1)(iii), the Tribunal affirmed the CIT(A)'s deletion of interest expenses disallowance, noting the business purpose of loans and advances and the surplus interest-free funds exceeding the advances. The Tribunal dismissed the Revenue's appeals, supporting the deletions made by the CIT(A). en-us Thu, 16 Jun 2016 00:00:00 +0530 Fri, 22 Jul 2016 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330439 The Tribunal ruled in favor of the assessee on both issues. Regarding Section 14A disallowance, the Tribunal upheld the CIT(A)'s decision to delete disallowances, emphasizing the absence of exempt income and the availability of interest-free funds for investments. Concerning interest disallowance under Section 36(1)(iii), the Tribunal affirmed the CIT(A)'s deletion of interest expenses disallowance, noting the business purpose of loans and advances and the surplus interest-free funds exceeding the advances. The Tribunal dismissed the Revenue's appeals, supporting the deletions made by the CIT(A). Case-Laws Income Tax Thu, 16 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330439