https://www.taxtmi.com/caselaws?id=331705 The High Court upheld the order of the Income Tax Appellate Tribunal for Assessment Year 2007-08, dismissing the appeal challenging the Tribunal's decision on two key issues. Firstly, the Court agreed with the deletion of the addition made on interest paid on Bank OD and unsecured loan, following established precedent. Secondly, the Court upheld the disallowance under Section 14A at 5% of dividend income, considering it reasonable based on previous cases. Ultimately, the appeal was dismissed, and no costs were awarded in the case. en-us Tue, 16 Aug 2016 00:00:00 +0530 Wed, 31 Aug 2016 09:04:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331705 The High Court upheld the order of the Income Tax Appellate Tribunal for Assessment Year 2007-08, dismissing the appeal challenging the Tribunal's decision on two key issues. Firstly, the Court agreed with the deletion of the addition made on interest paid on Bank OD and unsecured loan, following established precedent. Secondly, the Court upheld the disallowance under Section 14A at 5% of dividend income, considering it reasonable based on previous cases. Ultimately, the appeal was dismissed, and no costs were awarded in the case. Case-Laws Income Tax Tue, 16 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331705