https://www.taxtmi.com/caselaws?id=337912 The Appellate Tribunal partially allowed the assessee's appeal and dismissed the AO's appeal regarding disallowances under sections 14A and Rule 8D of the Income Tax Rules. The Tribunal ruled in favor of the assessee on the grounds that interest expenditure for business purposes should be allowed and disallowance is only justified if incurred for earning exempt income. It also held that disallowance under section 14A is not applicable to traders like the assessee. Additionally, the Tribunal directed a fresh adjudication on the levy of interest under section 234A and upheld the deletion of administrative expenses disallowance by the FAA. en-us Wed, 18 Jan 2017 00:00:00 +0530 Fri, 20 Jan 2017 07:26:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337912 The Appellate Tribunal partially allowed the assessee's appeal and dismissed the AO's appeal regarding disallowances under sections 14A and Rule 8D of the Income Tax Rules. The Tribunal ruled in favor of the assessee on the grounds that interest expenditure for business purposes should be allowed and disallowance is only justified if incurred for earning exempt income. It also held that disallowance under section 14A is not applicable to traders like the assessee. Additionally, the Tribunal directed a fresh adjudication on the levy of interest under section 234A and upheld the deletion of administrative expenses disallowance by the FAA. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337912