https://www.taxtmi.com/caselaws?id=338941 The Tribunal partially allowed the appeal in favor of the financial services company appellant. Regarding disallowance under section 14A of the Income Tax Act, the Tribunal estimated an overhead expenditure of Rs. 5,00,000 related to earning exempt income, partially allowing the appeal. Additionally, the Tribunal upheld the appellant's claim that research expenses were fully allowable as revenue expenditure, emphasizing their importance in generating profits for the appellant's investment banking business. As a result, the appellant succeeded in challenging the disallowance and treatment of research expenses as capital expenditure. en-us Tue, 31 Jan 2017 00:00:00 +0530 Wed, 15 Feb 2017 08:32:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338941 The Tribunal partially allowed the appeal in favor of the financial services company appellant. Regarding disallowance under section 14A of the Income Tax Act, the Tribunal estimated an overhead expenditure of Rs. 5,00,000 related to earning exempt income, partially allowing the appeal. Additionally, the Tribunal upheld the appellant's claim that research expenses were fully allowable as revenue expenditure, emphasizing their importance in generating profits for the appellant's investment banking business. As a result, the appellant succeeded in challenging the disallowance and treatment of research expenses as capital expenditure. Case-Laws Income Tax Tue, 31 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338941