https://www.taxtmi.com/caselaws?id=281596 The tribunal ruled in favor of the assessee, allowing the appeals and dismissing the revenue's appeal. The decision upheld the assessee's challenge against disallowance under section 14A for expenses related to earning exempt income. Additionally, the tribunal supported the CIT(A)'s application of Explanation 6 to section 43 regarding the transfer of assets between holding and subsidiary companies, aligning with the Essar Oil Ltd. judgment. Consequently, the tribunal upheld the decisions on both issues under the Income Tax Act, 1961. en-us Wed, 18 May 2016 00:00:00 +0530 Thu, 27 Jun 2019 07:30:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281596 The tribunal ruled in favor of the assessee, allowing the appeals and dismissing the revenue's appeal. The decision upheld the assessee's challenge against disallowance under section 14A for expenses related to earning exempt income. Additionally, the tribunal supported the CIT(A)'s application of Explanation 6 to section 43 regarding the transfer of assets between holding and subsidiary companies, aligning with the Essar Oil Ltd. judgment. Consequently, the tribunal upheld the decisions on both issues under the Income Tax Act, 1961. Case-Laws Income Tax Wed, 18 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281596