https://www.taxtmi.com/caselaws?id=191824 The ITAT Kolkata allowed the appeal of the assessee, overturning the disallowance of interest paid under section 14A of the Income Tax Act, 1961. The Tribunal held that the share income from firms, though exempt under certain sections, retains the character of business income, and thus, the disallowance of the expenditure was deemed unnecessary. The ITAT relied on established case law and precedents to set aside the lower authorities' orders and delete the disallowance amount of &8377; 1,66,658 for the assessment year 2005-06. en-us Fri, 07 Jan 2011 00:00:00 +0530 Tue, 25 Apr 2017 17:36:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191824 The ITAT Kolkata allowed the appeal of the assessee, overturning the disallowance of interest paid under section 14A of the Income Tax Act, 1961. The Tribunal held that the share income from firms, though exempt under certain sections, retains the character of business income, and thus, the disallowance of the expenditure was deemed unnecessary. The ITAT relied on established case law and precedents to set aside the lower authorities' orders and delete the disallowance amount of &8377; 1,66,658 for the assessment year 2005-06. Case-Laws Income Tax Fri, 07 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191824