https://www.taxtmi.com/caselaws?id=189882 The penalty imposed on disallowance of administrative expenses under section 14A for the assessment year 2002-03 was the subject of appeal. The penalty was initially levied on disallowed expenses related to earning exempt income. The CIT(A) upheld the penalty on disallowance of administrative expenses but not on interest. However, the Tribunal found the penalty unjustified as the disallowance was made on an adhoc basis without specific expenses identified for earning exempt income. Consequently, the penalty on administrative expenses disallowance was deleted, and the appeal was allowed. en-us Tue, 31 Jul 2012 00:00:00 +0530 Tue, 24 Jan 2017 16:35:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189882 The penalty imposed on disallowance of administrative expenses under section 14A for the assessment year 2002-03 was the subject of appeal. The penalty was initially levied on disallowed expenses related to earning exempt income. The CIT(A) upheld the penalty on disallowance of administrative expenses but not on interest. However, the Tribunal found the penalty unjustified as the disallowance was made on an adhoc basis without specific expenses identified for earning exempt income. Consequently, the penalty on administrative expenses disallowance was deleted, and the appeal was allowed. Case-Laws Income Tax Tue, 31 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189882