https://www.taxtmi.com/caselaws?id=333303 The Tribunal dismissed the Revenue's appeals and allowed the Cross Objection of the assessee. The disallowance under Section 14A was restricted to 1% of exempt income, flying rights charges were deemed allowable business expenditure, retainership fees were considered valid business expenses, guest house expenses were allowed in full, and license fee paid to RPG Enterprises was accepted as a business expenditure. The Tribunal also held that the AO must verify the correctness of the assessee's claim before applying Rule 8D for disallowances under Section 14A. en-us Fri, 12 Aug 2016 00:00:00 +0530 Sat, 19 Nov 2016 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333303 The Tribunal dismissed the Revenue's appeals and allowed the Cross Objection of the assessee. The disallowance under Section 14A was restricted to 1% of exempt income, flying rights charges were deemed allowable business expenditure, retainership fees were considered valid business expenses, guest house expenses were allowed in full, and license fee paid to RPG Enterprises was accepted as a business expenditure. The Tribunal also held that the AO must verify the correctness of the assessee's claim before applying Rule 8D for disallowances under Section 14A. Case-Laws Income Tax Fri, 12 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333303