https://www.taxtmi.com/caselaws?id=340816 The Revenue challenged the disallowance made under Section 14A of the Income Tax Act for the Assessment Year 2012-13. The CIT(A) deleted the disallowance, citing commercial expediency in borrowing funds for investment and the absence of exempt income earned. The ITAT upheld the CIT(A)'s decision, emphasizing that Section 14A applies only when expenditure is incurred for earning income that does not form part of the total income. As no exempt income was earned, the provisions of Section 14A were deemed inapplicable, leading to the dismissal of the Revenue's appeal. en-us Fri, 24 Mar 2017 00:00:00 +0530 Tue, 28 Mar 2017 06:47:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340816 The Revenue challenged the disallowance made under Section 14A of the Income Tax Act for the Assessment Year 2012-13. The CIT(A) deleted the disallowance, citing commercial expediency in borrowing funds for investment and the absence of exempt income earned. The ITAT upheld the CIT(A)'s decision, emphasizing that Section 14A applies only when expenditure is incurred for earning income that does not form part of the total income. As no exempt income was earned, the provisions of Section 14A were deemed inapplicable, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Fri, 24 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340816