https://www.taxtmi.com/caselaws?id=336754 The tribunal ruled in favor of the assessee, directing the assessing officer to delete the disallowance of interest under section 14A of the Income Tax Act. The tribunal emphasized that disallowance under section 14A applies only when there is exempt income included in the total income, and as there was no exempt income received or includible in the total income for the relevant assessment year, the disallowance was not justified. The tribunal rejected the assessing officer's reliance on judgments from other High Courts, stating they were factually different. The appeal by the assessee was allowed, and the additions towards disallowance of interest were deleted. en-us Fri, 23 Dec 2016 00:00:00 +0530 Wed, 28 Dec 2016 09:24:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336754 The tribunal ruled in favor of the assessee, directing the assessing officer to delete the disallowance of interest under section 14A of the Income Tax Act. The tribunal emphasized that disallowance under section 14A applies only when there is exempt income included in the total income, and as there was no exempt income received or includible in the total income for the relevant assessment year, the disallowance was not justified. The tribunal rejected the assessing officer's reliance on judgments from other High Courts, stating they were factually different. The appeal by the assessee was allowed, and the additions towards disallowance of interest were deleted. Case-Laws Income Tax Fri, 23 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336754