https://www.taxtmi.com/caselaws?id=280254 The Tribunal ruled in favor of the assessee in an appeal regarding disallowance under Section 14A of the Income Tax Act. The Tribunal found the high disallowance unjustified as the assessee earned minimal dividend income, emphasizing the lack of proof of diversion of borrowed funds for investments. It directed restricting the disallowance to the amount of dividend claimed as exempt income, aligning with High Court principles and previous decisions. The Tribunal dismissed the Revenue's appeal and modified the CIT(A)'s order, partly allowing the assessee's appeal. en-us Fri, 15 Jun 2018 00:00:00 +0530 Sat, 27 Apr 2019 06:36:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280254 The Tribunal ruled in favor of the assessee in an appeal regarding disallowance under Section 14A of the Income Tax Act. The Tribunal found the high disallowance unjustified as the assessee earned minimal dividend income, emphasizing the lack of proof of diversion of borrowed funds for investments. It directed restricting the disallowance to the amount of dividend claimed as exempt income, aligning with High Court principles and previous decisions. The Tribunal dismissed the Revenue's appeal and modified the CIT(A)'s order, partly allowing the assessee's appeal. Case-Laws Income Tax Fri, 15 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280254