https://www.taxtmi.com/caselaws?id=338573 The Revenue's appeal against the deletion of disallowance under section 14A of the Act read with Rule 8D was dismissed by the Tribunal. The Commissioner and Tribunal found in favor of the assessee, ruling that the disallowance was not sustainable as the interest paid on borrowed funds was for business activities, not related to investments generating exempt income. Additionally, the Tribunal upheld the Commissioner's decision to allow deduction on account of cess on green leaf, following the Supreme Court's precedent in a similar case. As a result, the Revenue's appeal was dismissed, and the assessee received relief on both issues. en-us Fri, 03 Feb 2017 00:00:00 +0530 Tue, 07 Feb 2017 15:40:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338573 The Revenue's appeal against the deletion of disallowance under section 14A of the Act read with Rule 8D was dismissed by the Tribunal. The Commissioner and Tribunal found in favor of the assessee, ruling that the disallowance was not sustainable as the interest paid on borrowed funds was for business activities, not related to investments generating exempt income. Additionally, the Tribunal upheld the Commissioner's decision to allow deduction on account of cess on green leaf, following the Supreme Court's precedent in a similar case. As a result, the Revenue's appeal was dismissed, and the assessee received relief on both issues. Case-Laws Income Tax Fri, 03 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338573