https://www.taxtmi.com/caselaws?id=190628 The High Court dismissed the Revenue's appeal against the Income Tax Appellate Tribunal's decision regarding disallowance under Section 14A of the Income Tax Act, 1961 for the Assessment Year 2008-09. The Court upheld the ITAT's ruling, emphasizing the lack of evidence of regular activities by the assessee to earn income from investments, leading to the conclusion that the Assessing Officer's disallowance was unfounded. The judgment underscored the necessity of establishing a clear connection between expenses and income to support disallowances under Section 14A. en-us Wed, 30 Mar 2016 00:00:00 +0530 Tue, 21 Feb 2017 10:43:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190628 The High Court dismissed the Revenue's appeal against the Income Tax Appellate Tribunal's decision regarding disallowance under Section 14A of the Income Tax Act, 1961 for the Assessment Year 2008-09. The Court upheld the ITAT's ruling, emphasizing the lack of evidence of regular activities by the assessee to earn income from investments, leading to the conclusion that the Assessing Officer's disallowance was unfounded. The judgment underscored the necessity of establishing a clear connection between expenses and income to support disallowances under Section 14A. Case-Laws Income Tax Wed, 30 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190628