https://www.taxtmi.com/caselaws?id=192892 The Court upheld the Tribunal's decision on the disallowance of expenses related to earning exempt income, citing it as reasonable. It did not entertain questions on the disallowance of depreciation in lease transactions, as they were previously addressed. The Court affirmed the deletion of disallowance of expenses treated as capital in nature, considering them allowable as revenue expenditure. Regarding disallowance under Section 14A of the Income Tax Act, the Court found the 1% disallowance by the Tribunal reasonable due to lack of submissions by the Respondent-Assessee, ultimately dismissing the appeal for the Assessment Year 2000-01. en-us Tue, 06 Sep 2016 00:00:00 +0530 Thu, 29 Jun 2017 12:50:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192892 The Court upheld the Tribunal's decision on the disallowance of expenses related to earning exempt income, citing it as reasonable. It did not entertain questions on the disallowance of depreciation in lease transactions, as they were previously addressed. The Court affirmed the deletion of disallowance of expenses treated as capital in nature, considering them allowable as revenue expenditure. Regarding disallowance under Section 14A of the Income Tax Act, the Court found the 1% disallowance by the Tribunal reasonable due to lack of submissions by the Respondent-Assessee, ultimately dismissing the appeal for the Assessment Year 2000-01. Case-Laws Income Tax Tue, 06 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192892