https://www.taxtmi.com/caselaws?id=378595 The High Court upheld the Tribunal's decisions in both issues. Regarding disallowance under Section 14A, the Court emphasized that if interest-free funds are adequate for investments, no disallowance should be made unless proven otherwise by the revenue. The disallowance was deleted for three assessment years and restricted for the fourth year. Concerning the treatment of Bonus Shares, the Court ruled in favor of the assessee, holding that bonus shares are to be treated as capital assets unless expressly provided otherwise, rejecting the revenue's argument. The judgment favored the assessee, and the appeals were dismissed. en-us Mon, 08 Apr 2019 00:00:00 +0530 Mon, 27 Jul 2020 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378595 The High Court upheld the Tribunal's decisions in both issues. Regarding disallowance under Section 14A, the Court emphasized that if interest-free funds are adequate for investments, no disallowance should be made unless proven otherwise by the revenue. The disallowance was deleted for three assessment years and restricted for the fourth year. Concerning the treatment of Bonus Shares, the Court ruled in favor of the assessee, holding that bonus shares are to be treated as capital assets unless expressly provided otherwise, rejecting the revenue's argument. The judgment favored the assessee, and the appeals were dismissed. Case-Laws Income Tax Mon, 08 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378595