https://www.taxtmi.com/caselaws?id=381169 The Tribunal partially allowed the appeal, reducing the adhoc disallowance on expenses from Rs. 12 lakhs to Rs. 6 lakhs. It emphasized the need for producing vouchers and bills to substantiate expenses. Additionally, the disallowance under Section 14A of the Income Tax Act, 1961, amounting to Rs. 78,56,790, was deleted as no exempt income was earned by the assessee. The Tribunal highlighted that disallowances cannot be made without actual exempt income being received, aligning with decisions from the Delhi High Court and the Supreme Court. en-us Mon, 03 Jun 2019 00:00:00 +0530 Tue, 04 Jun 2019 16:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381169 The Tribunal partially allowed the appeal, reducing the adhoc disallowance on expenses from Rs. 12 lakhs to Rs. 6 lakhs. It emphasized the need for producing vouchers and bills to substantiate expenses. Additionally, the disallowance under Section 14A of the Income Tax Act, 1961, amounting to Rs. 78,56,790, was deleted as no exempt income was earned by the assessee. The Tribunal highlighted that disallowances cannot be made without actual exempt income being received, aligning with decisions from the Delhi High Court and the Supreme Court. Case-Laws Income Tax Mon, 03 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381169