https://www.taxtmi.com/caselaws?id=356332 The tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s orders on both issues. The disallowance of personal usage expenses was deleted as the AO lacked specific evidence and logical basis for the disallowance, especially without concrete proof in a Private Ltd. company. The disallowance under Section 14A r.w. Rule 8D was deemed unwarranted as interest expenses were unrelated to investments and no exempt income was credited, with investments made from self-generated funds. The tribunal emphasized the need for concrete evidence and specific circumstances in such disallowances. en-us Thu, 01 Feb 2018 00:00:00 +0530 Thu, 01 Mar 2018 07:40:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356332 The tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s orders on both issues. The disallowance of personal usage expenses was deleted as the AO lacked specific evidence and logical basis for the disallowance, especially without concrete proof in a Private Ltd. company. The disallowance under Section 14A r.w. Rule 8D was deemed unwarranted as interest expenses were unrelated to investments and no exempt income was credited, with investments made from self-generated funds. The tribunal emphasized the need for concrete evidence and specific circumstances in such disallowances. Case-Laws Income Tax Thu, 01 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356332