https://www.taxtmi.com/caselaws?id=343566 The Tribunal ruled in favor of the assessee, disallowing the challenges raised by the AO regarding disallowances under sections 14A and 36(1)(iii) of the Act. The Tribunal held that no disallowance under section 14A could be made as the assessee did not claim any expenditure against exempt income. Additionally, the Tribunal found that the interest on borrowed funds used for acquiring capital assets should not be disallowed under section 36(1)(iii) as the assessee had sufficient own funds and reserves for new assets, leading to the dismissal of the AO's appeal. en-us Wed, 24 May 2017 00:00:00 +0530 Fri, 26 May 2017 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343566 The Tribunal ruled in favor of the assessee, disallowing the challenges raised by the AO regarding disallowances under sections 14A and 36(1)(iii) of the Act. The Tribunal held that no disallowance under section 14A could be made as the assessee did not claim any expenditure against exempt income. Additionally, the Tribunal found that the interest on borrowed funds used for acquiring capital assets should not be disallowed under section 36(1)(iii) as the assessee had sufficient own funds and reserves for new assets, leading to the dismissal of the AO's appeal. Case-Laws Income Tax Wed, 24 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343566