https://www.taxtmi.com/caselaws?id=281925 The Tribunal upheld the CIT(A)'s decision in both issues, dismissing the Revenue's appeal. Regarding the disallowance under Section 14A, the Tribunal aligned with legal pronouncements and held that the disallowance cannot exceed the exempt income earned. The disallowance was restricted to the amount of exempt income. Concerning the disallowance of interest on a loan not utilized for business purposes, the Tribunal agreed with the CIT(A) that the distinction made by the AO was improper, ultimately allowing the appellant's contentions. en-us Wed, 19 Oct 2016 00:00:00 +0530 Sat, 13 Jul 2019 07:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281925 The Tribunal upheld the CIT(A)'s decision in both issues, dismissing the Revenue's appeal. Regarding the disallowance under Section 14A, the Tribunal aligned with legal pronouncements and held that the disallowance cannot exceed the exempt income earned. The disallowance was restricted to the amount of exempt income. Concerning the disallowance of interest on a loan not utilized for business purposes, the Tribunal agreed with the CIT(A) that the distinction made by the AO was improper, ultimately allowing the appellant's contentions. Case-Laws Income Tax Wed, 19 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281925