https://www.taxtmi.com/caselaws?id=336899 The Tribunal ruled in favor of the assessee, directing the AO to delete the disallowance under section 14A for assessment years 2008-09 & 2009-10. The Tribunal held that no disallowance under section 14A can be made in the absence of exempt income and emphasized that strategic investments for controlling interest do not attract disallowance. Since no dividend income was earned, and investments were strategic in wholly owned subsidiary companies, the disallowance under section 14A was deemed unwarranted. Consequently, the appeals of the assessee were allowed. en-us Tue, 20 Dec 2016 00:00:00 +0530 Fri, 30 Dec 2016 17:25:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336899 The Tribunal ruled in favor of the assessee, directing the AO to delete the disallowance under section 14A for assessment years 2008-09 & 2009-10. The Tribunal held that no disallowance under section 14A can be made in the absence of exempt income and emphasized that strategic investments for controlling interest do not attract disallowance. Since no dividend income was earned, and investments were strategic in wholly owned subsidiary companies, the disallowance under section 14A was deemed unwarranted. Consequently, the appeals of the assessee were allowed. Case-Laws Income Tax Tue, 20 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336899