https://www.taxtmi.com/caselaws?id=350798 The Tribunal remanded the issue of disallowance of expenses related to exempt income under section 14A back to the Assessing Officer for verification, holding that no disallowance could be made for investments held as stock-in-trade. Adhoc disallowances on specific expenses like computer software and conveyance were upheld as the assessee failed to substantiate the expenses. The appeals were partly allowed for statistical purposes, maintaining the adhoc disallowances made by the AO. en-us Fri, 10 Nov 2017 00:00:00 +0530 Mon, 13 Nov 2017 11:47:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350798 The Tribunal remanded the issue of disallowance of expenses related to exempt income under section 14A back to the Assessing Officer for verification, holding that no disallowance could be made for investments held as stock-in-trade. Adhoc disallowances on specific expenses like computer software and conveyance were upheld as the assessee failed to substantiate the expenses. The appeals were partly allowed for statistical purposes, maintaining the adhoc disallowances made by the AO. Case-Laws Income Tax Fri, 10 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350798