https://www.taxtmi.com/caselaws?id=380768 The Tribunal ruled in favor of the assessee in a case involving disallowances under section 14A. The Tribunal held that since no exempt income was claimed, section 14A should not apply, directing the AO to delete the disallowance. Additionally, the Tribunal clarified that disallowances under section 14A should not impact the computation of book profit under section 115JB. Regarding the computation of the average cost of borrowing, the Tribunal upheld the CIT(A)'s decision that the ultimate cost should be the gross interest expense reduced by interest income. The Tribunal's analysis and reliance on case laws led to a favorable outcome for the assessee. en-us Tue, 21 May 2019 00:00:00 +0530 Sat, 25 May 2019 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380768 The Tribunal ruled in favor of the assessee in a case involving disallowances under section 14A. The Tribunal held that since no exempt income was claimed, section 14A should not apply, directing the AO to delete the disallowance. Additionally, the Tribunal clarified that disallowances under section 14A should not impact the computation of book profit under section 115JB. Regarding the computation of the average cost of borrowing, the Tribunal upheld the CIT(A)'s decision that the ultimate cost should be the gross interest expense reduced by interest income. The Tribunal's analysis and reliance on case laws led to a favorable outcome for the assessee. Case-Laws Income Tax Tue, 21 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380768