https://www.taxtmi.com/caselaws?id=277320 The ITAT upheld the CIT(A)'s decisions on both issues, dismissing the revenue's appeal in its entirety. The CIT(A) concluded that the retention of 10% of sales was part of the regular accounting method followed by the assessee, with no discrepancy in the terms of purchase orders. Regarding the disallowance under Section 14A, the CIT(A) found no nexus between borrowed funds and investment in shares/mutual funds for earning exempt income, deleting the addition for interest payment and restricting the disallowance for administrative expenses. en-us Fri, 31 Jan 2014 00:00:00 +0530 Sat, 01 Dec 2018 12:35:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277320 The ITAT upheld the CIT(A)'s decisions on both issues, dismissing the revenue's appeal in its entirety. The CIT(A) concluded that the retention of 10% of sales was part of the regular accounting method followed by the assessee, with no discrepancy in the terms of purchase orders. Regarding the disallowance under Section 14A, the CIT(A) found no nexus between borrowed funds and investment in shares/mutual funds for earning exempt income, deleting the addition for interest payment and restricting the disallowance for administrative expenses. Case-Laws Income Tax Fri, 31 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277320