https://www.taxtmi.com/caselaws?id=339596 The tribunal set aside the CIT(A)'s order and directed the AO to recalculate the disallowances under section 14A as per Rule 8D. The disallowance of financial charges on interest-free advances to a subsidiary was upheld due to lack of evidence of commercial expediency. The deletion of disallowance of rent paid under section 37 was upheld based on precedent. The tribunal restored the issue of disallowance of goodwill license fees for fresh adjudication due to inconsistency. The disallowance of consultancy fees under section 37 was confirmed as the expenditure lacked business justification. The tribunal partly allowed appeals, emphasizing proper calculation of disallowances and the need for evidence to justify expenses. en-us Tue, 28 Feb 2017 00:00:00 +0530 Fri, 03 Mar 2017 06:49:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339596 The tribunal set aside the CIT(A)'s order and directed the AO to recalculate the disallowances under section 14A as per Rule 8D. The disallowance of financial charges on interest-free advances to a subsidiary was upheld due to lack of evidence of commercial expediency. The deletion of disallowance of rent paid under section 37 was upheld based on precedent. The tribunal restored the issue of disallowance of goodwill license fees for fresh adjudication due to inconsistency. The disallowance of consultancy fees under section 37 was confirmed as the expenditure lacked business justification. The tribunal partly allowed appeals, emphasizing proper calculation of disallowances and the need for evidence to justify expenses. Case-Laws Income Tax Tue, 28 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339596