https://www.taxtmi.com/caselaws?id=190968 The Tribunal allowed cross-appeals by the assessee and the department regarding the disallowance under section 14A of the Income Tax Act. The Tribunal set aside the lower authorities' orders and directed the matter to be reconsidered by the Assessing Officer, emphasizing the conditions precedent for determining expenditure related to exempt income. The judgment focused on the apportionment of interest against net interest income and the need for a reassessment in line with the Maxopp Investment Ltd. case. Both appeals were allowed for statistical purposes. en-us Fri, 04 Jan 2013 00:00:00 +0530 Fri, 10 Mar 2023 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190968 The Tribunal allowed cross-appeals by the assessee and the department regarding the disallowance under section 14A of the Income Tax Act. The Tribunal set aside the lower authorities' orders and directed the matter to be reconsidered by the Assessing Officer, emphasizing the conditions precedent for determining expenditure related to exempt income. The judgment focused on the apportionment of interest against net interest income and the need for a reassessment in line with the Maxopp Investment Ltd. case. Both appeals were allowed for statistical purposes. Case-Laws Income Tax Fri, 04 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190968