https://www.taxtmi.com/caselaws?id=280087 The ITAT partly allowed the assessee's appeal and dismissed the revenue's appeal. It emphasized the necessity of expenses for business promotion and goodwill preservation, the applicability of RBI guidelines for amortized premium, and the adequacy of interest-free funds to support investments in securities for exempt income purposes. The disallowed expenses claimed by the assessee were considered necessary for business promotion and were allowed as business expenditure. The amortized premium on government securities was upheld as permissible under RBI guidelines, and the disallowance of expenses under section 14A was restricted to administrative expenses due to the availability of interest-free funds. en-us Mon, 21 May 2018 00:00:00 +0530 Sat, 20 Apr 2019 09:25:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280087 The ITAT partly allowed the assessee's appeal and dismissed the revenue's appeal. It emphasized the necessity of expenses for business promotion and goodwill preservation, the applicability of RBI guidelines for amortized premium, and the adequacy of interest-free funds to support investments in securities for exempt income purposes. The disallowed expenses claimed by the assessee were considered necessary for business promotion and were allowed as business expenditure. The amortized premium on government securities was upheld as permissible under RBI guidelines, and the disallowance of expenses under section 14A was restricted to administrative expenses due to the availability of interest-free funds. Case-Laws Income Tax Mon, 21 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280087