https://www.taxtmi.com/caselaws?id=364446 The Tribunal partly allowed both the assessee's and the Revenue's appeals for statistical purposes. It directed a reconsideration of the Annual Letting Value (ALV) determination method and verification of the correct disallowance amount under section 14A. The disallowance of expenses related to the residential property was upheld, emphasizing that once the standard deduction is applied, no further deductions are permissible, regardless of the property's business use. The exclusion of investments in Mutual Funds Growth Option from the disallowance calculation was allowed, considering their potential to generate taxable income. en-us Wed, 25 Jul 2018 00:00:00 +0530 Mon, 30 Jul 2018 08:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364446 The Tribunal partly allowed both the assessee's and the Revenue's appeals for statistical purposes. It directed a reconsideration of the Annual Letting Value (ALV) determination method and verification of the correct disallowance amount under section 14A. The disallowance of expenses related to the residential property was upheld, emphasizing that once the standard deduction is applied, no further deductions are permissible, regardless of the property's business use. The exclusion of investments in Mutual Funds Growth Option from the disallowance calculation was allowed, considering their potential to generate taxable income. Case-Laws Income Tax Wed, 25 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364446