https://www.taxtmi.com/caselaws?id=381069 The Tribunal partly allowed the assessee's appeal on interest expenditure disallowance under section 36(1)(iii) of the Act, holding that no disallowance should be made due to the business connection of the loan. The Tribunal upheld the Commissioner (Appeals)'s decision to delete the disallowance under section 14A r/w rule 8D, stating that the disallowance of expenditure attributable to earning exempt income cannot exceed the exempt income earned during the year. The appeal was dismissed, affirming the deletion of the disallowance. en-us Fri, 31 May 2019 00:00:00 +0530 Mon, 03 Jun 2019 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381069 The Tribunal partly allowed the assessee's appeal on interest expenditure disallowance under section 36(1)(iii) of the Act, holding that no disallowance should be made due to the business connection of the loan. The Tribunal upheld the Commissioner (Appeals)'s decision to delete the disallowance under section 14A r/w rule 8D, stating that the disallowance of expenditure attributable to earning exempt income cannot exceed the exempt income earned during the year. The appeal was dismissed, affirming the deletion of the disallowance. Case-Laws Income Tax Fri, 31 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381069