https://www.taxtmi.com/caselaws?id=339763 The Tribunal partly allowed the appeal of the assessee, providing relief on the disallowance under section 14A and the interest on borrowed funds. The Tribunal upheld the assessee's method of calculation for disallowance under section 14A, restricting it to Rs. 10 lakh. It confirmed that borrowed funds were utilized for business purposes, dismissing the disallowance challenge. The Tribunal also dismissed the ground on bogus purchases and directed adjustments for book profit under section 115JB. en-us Fri, 03 Mar 2017 00:00:00 +0530 Mon, 06 Mar 2017 20:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339763 The Tribunal partly allowed the appeal of the assessee, providing relief on the disallowance under section 14A and the interest on borrowed funds. The Tribunal upheld the assessee's method of calculation for disallowance under section 14A, restricting it to Rs. 10 lakh. It confirmed that borrowed funds were utilized for business purposes, dismissing the disallowance challenge. The Tribunal also dismissed the ground on bogus purchases and directed adjustments for book profit under section 115JB. Case-Laws Income Tax Fri, 03 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339763