https://www.taxtmi.com/caselaws?id=365100 The ITAT upheld the CIT (Appeals)'s decisions, dismissing the Revenue's appeal. The interest disallowance under Section 36(1)(iii) was deleted as the assessee had sufficient own funds for investments, and the Revenue failed to prove specific borrowing for such investments. The disallowance under Section 14A was restricted following prior years' orders, granting partial relief by excluding interest on loans for business purposes. The ITAT allowed netting off interest received against interest paid for calculating disallowance under Section 14A, as decided in previous years. en-us Mon, 06 Aug 2018 00:00:00 +0530 Fri, 10 Aug 2018 08:06:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365100 The ITAT upheld the CIT (Appeals)'s decisions, dismissing the Revenue's appeal. The interest disallowance under Section 36(1)(iii) was deleted as the assessee had sufficient own funds for investments, and the Revenue failed to prove specific borrowing for such investments. The disallowance under Section 14A was restricted following prior years' orders, granting partial relief by excluding interest on loans for business purposes. The ITAT allowed netting off interest received against interest paid for calculating disallowance under Section 14A, as decided in previous years. Case-Laws Income Tax Mon, 06 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365100