https://www.taxtmi.com/caselaws?id=274099 The Tribunal ruled in favor of the assessee in appeals for AY 2010-11 and 2011-12. Disallowance under section 14A was deleted due to the availability of interest-free funds and specific end-use restrictions on secured loans. The disallowance of interest expenses without recording satisfaction by the AO was also deleted as no nexus was established between interest-bearing funds and investments. The ad hoc disallowance of business promotion expenses was ruled unsustainable without specific defects, leading to its deletion. The Tribunal allowed both appeals, pronouncing the orders on 31/10/2017. en-us Tue, 31 Oct 2017 00:00:00 +0530 Sun, 29 Jul 2018 11:40:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274099 The Tribunal ruled in favor of the assessee in appeals for AY 2010-11 and 2011-12. Disallowance under section 14A was deleted due to the availability of interest-free funds and specific end-use restrictions on secured loans. The disallowance of interest expenses without recording satisfaction by the AO was also deleted as no nexus was established between interest-bearing funds and investments. The ad hoc disallowance of business promotion expenses was ruled unsustainable without specific defects, leading to its deletion. The Tribunal allowed both appeals, pronouncing the orders on 31/10/2017. Case-Laws Income Tax Tue, 31 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274099