https://www.taxtmi.com/caselaws?id=352738 The Tribunal partly allowed the appeal for statistical purposes, upholding the CIT(A)'s decision on both issues. Regarding disallowance u/s 14A, it found that investments yielding exempt income were made from interest-free funds, thus no disallowance was warranted. Concerning income enhancement u/s 57(iii), the Tribunal upheld the taxing of interest at the gross level, rejecting the deduction claim for the overdraft facility. The judgment extensively relied on legal principles and precedents to support its conclusions on the Income-tax Act, 1961. en-us Mon, 18 Dec 2017 00:00:00 +0530 Wed, 20 Dec 2017 08:46:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352738 The Tribunal partly allowed the appeal for statistical purposes, upholding the CIT(A)'s decision on both issues. Regarding disallowance u/s 14A, it found that investments yielding exempt income were made from interest-free funds, thus no disallowance was warranted. Concerning income enhancement u/s 57(iii), the Tribunal upheld the taxing of interest at the gross level, rejecting the deduction claim for the overdraft facility. The judgment extensively relied on legal principles and precedents to support its conclusions on the Income-tax Act, 1961. Case-Laws Income Tax Mon, 18 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352738