https://www.taxtmi.com/caselaws?id=375517 The Kerala High Court upheld the Tribunal's decision in two connected appeals concerning the disallowance of expenditure under Section 263 of the Income Tax Act, 1961. The court rejected the appeals challenging the disallowance of interest on borrowed funds and the invocation of Section 14A for interest disallowance. The court emphasized that the application of Section 14A would be prospective from the assessment year 2007-08, in line with the Supreme Court's ruling in Commissioner of Income Tax v. M/s.Essar Teleholdings Ltd. The High Court affirmed the Tribunal's orders, with no costs incurred in the process. en-us Thu, 07 Feb 2019 00:00:00 +0530 Wed, 20 Feb 2019 06:38:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375517 The Kerala High Court upheld the Tribunal's decision in two connected appeals concerning the disallowance of expenditure under Section 263 of the Income Tax Act, 1961. The court rejected the appeals challenging the disallowance of interest on borrowed funds and the invocation of Section 14A for interest disallowance. The court emphasized that the application of Section 14A would be prospective from the assessment year 2007-08, in line with the Supreme Court's ruling in Commissioner of Income Tax v. M/s.Essar Teleholdings Ltd. The High Court affirmed the Tribunal's orders, with no costs incurred in the process. Case-Laws Income Tax Thu, 07 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375517