https://www.taxtmi.com/caselaws?id=280732 The disallowance of interest under Section 36(1)(iii) on advances was deleted as the assessee demonstrated that own funds were utilized for investments, supported by financial details. Judicial precedents indicated that if there are sufficient interest-free funds, no disallowance should occur. Similarly, the addition under Section 14A of the Income Tax Act was restricted to the exempt income earned by the assessee, following precedents that disallowance should not exceed exempt income. The assessee's appeal succeeded on both issues, while the Revenue's appeal was allowed for statistical purposes. en-us Wed, 29 Nov 2017 00:00:00 +0530 Sun, 19 May 2019 12:07:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280732 The disallowance of interest under Section 36(1)(iii) on advances was deleted as the assessee demonstrated that own funds were utilized for investments, supported by financial details. Judicial precedents indicated that if there are sufficient interest-free funds, no disallowance should occur. Similarly, the addition under Section 14A of the Income Tax Act was restricted to the exempt income earned by the assessee, following precedents that disallowance should not exceed exempt income. The assessee's appeal succeeded on both issues, while the Revenue's appeal was allowed for statistical purposes. Case-Laws Income Tax Wed, 29 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280732