https://www.taxtmi.com/caselaws?id=334994 The HC upheld the assessee's position that disallowance under section 14A was not warranted as sufficient interest-free funds were available to cover investments in exempt income sources, aligning with precedent from the Bombay HC. The court also affirmed the ITAT's allowance of legal and professional expenses, finding the Tribunal's conclusion reasonable and not perverse. The HC recognized that services rendered by a related party could be communicated orally, especially within group companies, supporting the claim for expenses. Both issues were decided in favor of the assessee. en-us Tue, 06 Sep 2016 00:00:00 +0530 Wed, 23 Jul 2025 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334994 The HC upheld the assessee's position that disallowance under section 14A was not warranted as sufficient interest-free funds were available to cover investments in exempt income sources, aligning with precedent from the Bombay HC. The court also affirmed the ITAT's allowance of legal and professional expenses, finding the Tribunal's conclusion reasonable and not perverse. The HC recognized that services rendered by a related party could be communicated orally, especially within group companies, supporting the claim for expenses. Both issues were decided in favor of the assessee. Case-Laws Income Tax Tue, 06 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334994