https://www.taxtmi.com/caselaws?id=372133 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s deletion of disallowances under Sections 36(1)(iii) and 14A. The disallowance of interest under Section 36(1)(iii) was overturned due to the assessee's sufficient own funds for making advances, demonstrating business purpose. The disallowance of expenses under Section 14A was rejected as no exempt income was earned from investments. The Tribunal emphasized the importance of own funds in negating disallowances under Section 36(1)(iii) and the absence of exempt income for disallowance under Section 14A. en-us Tue, 16 Oct 2018 00:00:00 +0530 Tue, 18 Dec 2018 11:54:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372133 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s deletion of disallowances under Sections 36(1)(iii) and 14A. The disallowance of interest under Section 36(1)(iii) was overturned due to the assessee's sufficient own funds for making advances, demonstrating business purpose. The disallowance of expenses under Section 14A was rejected as no exempt income was earned from investments. The Tribunal emphasized the importance of own funds in negating disallowances under Section 36(1)(iii) and the absence of exempt income for disallowance under Section 14A. Case-Laws Income Tax Tue, 16 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372133