https://www.taxtmi.com/caselaws?id=354495 The Tribunal modified its earlier decision on interest expenditure disallowance under Section 14A, directing the Assessing Officer to calculate the disallowance at 6.57% of the total investment amount, including shares held as stock in trade. Following the jurisdictional High Court's interpretation, the Tribunal considered net interest expenditure, leading to no disallowance under Section 14A. All three Miscellaneous Applications were allowed, emphasizing the importance of this clarification for equitable application of the law. The Tribunal also permitted fresh adjudication on penalty issues under Section 271(1)(c). en-us Tue, 23 Jan 2018 00:00:00 +0530 Tue, 30 Jan 2018 11:23:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354495 The Tribunal modified its earlier decision on interest expenditure disallowance under Section 14A, directing the Assessing Officer to calculate the disallowance at 6.57% of the total investment amount, including shares held as stock in trade. Following the jurisdictional High Court's interpretation, the Tribunal considered net interest expenditure, leading to no disallowance under Section 14A. All three Miscellaneous Applications were allowed, emphasizing the importance of this clarification for equitable application of the law. The Tribunal also permitted fresh adjudication on penalty issues under Section 271(1)(c). Case-Laws Income Tax Tue, 23 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354495