https://www.taxtmi.com/caselaws?id=368524 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s deletion of the addition under Section 68 regarding unexplained cash credit and the restriction of the disallowance under Section 14A. The Tribunal held that the assessee had provided sufficient evidence to establish the legitimacy of the transactions, and the disallowance under Section 14A should be limited to the amount of exempt income earned. The decision was supported by relevant judicial precedents emphasizing the importance of a reasonable nexus between the disallowed expenditure and the exempt income. en-us Fri, 28 Sep 2018 00:00:00 +0530 Thu, 28 Feb 2019 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368524 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s deletion of the addition under Section 68 regarding unexplained cash credit and the restriction of the disallowance under Section 14A. The Tribunal held that the assessee had provided sufficient evidence to establish the legitimacy of the transactions, and the disallowance under Section 14A should be limited to the amount of exempt income earned. The decision was supported by relevant judicial precedents emphasizing the importance of a reasonable nexus between the disallowed expenditure and the exempt income. Case-Laws Income Tax Fri, 28 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368524