https://www.taxtmi.com/caselaws?id=189875 The Tribunal allowed the appeal filed by the assessee regarding disallowance under section 14A of the Income Tax Act for the assessment year 2008-09. The Tribunal held that disallowance should be based on the net figure debited or credited to the Profit & Loss A/c, not the gross figure. It was emphasized that if no net interest expenditure exists, no part of interest debited can be disallowed. The decision of the CIT(A) in deleting the interest disallowance was upheld, and the appellant's grievance was upheld based on the decision of the jurisdictional High Court. en-us Wed, 06 Mar 2013 00:00:00 +0530 Tue, 24 Jan 2017 15:11:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189875 The Tribunal allowed the appeal filed by the assessee regarding disallowance under section 14A of the Income Tax Act for the assessment year 2008-09. The Tribunal held that disallowance should be based on the net figure debited or credited to the Profit & Loss A/c, not the gross figure. It was emphasized that if no net interest expenditure exists, no part of interest debited can be disallowed. The decision of the CIT(A) in deleting the interest disallowance was upheld, and the appellant's grievance was upheld based on the decision of the jurisdictional High Court. Case-Laws Income Tax Wed, 06 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189875