https://www.taxtmi.com/caselaws?id=353348 Section 14A disallowance was upheld only to the extent sustained by the first appellate authority because the exempt dividend arose incidentally from share trading stock in trade, and the restricted computation was treated as reasonable rather than applying Rule 8D in full. Interest disallowance was not justified where the advance had been made in an earlier year out of interest-free funds, no fresh advance was given during the year, and the alleged nexus with borrowed funds was not shown. Revaluation of closing stock based on year-end market price was rejected because the assessee consistently valued share-trading inventory by the last settlement date method. The Revenue's appeal failed on all issues. en-us Thu, 28 Dec 2017 00:00:00 +0530 Tue, 02 Jan 2018 09:18:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353348 Section 14A disallowance was upheld only to the extent sustained by the first appellate authority because the exempt dividend arose incidentally from share trading stock in trade, and the restricted computation was treated as reasonable rather than applying Rule 8D in full. Interest disallowance was not justified where the advance had been made in an earlier year out of interest-free funds, no fresh advance was given during the year, and the alleged nexus with borrowed funds was not shown. Revaluation of closing stock based on year-end market price was rejected because the assessee consistently valued share-trading inventory by the last settlement date method. The Revenue's appeal failed on all issues. Case-Laws Income Tax Thu, 28 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353348