https://www.taxtmi.com/caselaws?id=336838 The High Court upheld the Tribunal's order regarding the challenge to the Assessment Year 2006-07. The disallowance under Section 14A was limited to 1% of dividend income, in line with the Godrej Boyce case. The entrance fee paid to Gymkhana was allowed as an expense, following the Otis Elevator case. The Court found no substantial questions of law and ruled in favor of the respondent-assessee, with no costs awarded. en-us Mon, 19 Dec 2016 00:00:00 +0530 Thu, 29 Dec 2016 13:07:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336838 The High Court upheld the Tribunal's order regarding the challenge to the Assessment Year 2006-07. The disallowance under Section 14A was limited to 1% of dividend income, in line with the Godrej Boyce case. The entrance fee paid to Gymkhana was allowed as an expense, following the Otis Elevator case. The Court found no substantial questions of law and ruled in favor of the respondent-assessee, with no costs awarded. Case-Laws Income Tax Mon, 19 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336838