https://www.taxtmi.com/caselaws?id=343475 The Tribunal upheld the CIT(A)'s decisions in favor of the assessee on both issues. The disallowance of prior period expenses and capital expenditure was deemed allowable as revenue expenditure, with the liability crystallizing in the current year. Additionally, the disallowance under section 14A of the Income Tax Act was overturned due to the absence of exempt income and the availability of interest-free funds for investments. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s rulings. en-us Wed, 24 May 2017 00:00:00 +0530 Fri, 26 May 2017 07:11:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343475 The Tribunal upheld the CIT(A)'s decisions in favor of the assessee on both issues. The disallowance of prior period expenses and capital expenditure was deemed allowable as revenue expenditure, with the liability crystallizing in the current year. Additionally, the disallowance under section 14A of the Income Tax Act was overturned due to the absence of exempt income and the availability of interest-free funds for investments. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s rulings. Case-Laws Income Tax Wed, 24 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343475