https://www.taxtmi.com/caselaws?id=383355 Section 14A could not be used to disallow expenditure against interest and dividend income earned from investments with other co-operative societies where the assessee claimed deduction under section 80P(2)(d). The Gujarat HC held that Chapter VI-A deductions operate differently from exempt income under Chapter III, and income deductible under section 80P(2)(d) does not fall within the mischief of section 14A. Relying on its earlier decisions, the Court found no error in the Tribunal's approach and left the deduction on the impugned income undisturbed, thereby deciding the issue in favour of the assessee and against the Revenue. en-us Mon, 15 Jul 2019 00:00:00 +0530 Mon, 22 Jul 2019 06:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383355 Section 14A could not be used to disallow expenditure against interest and dividend income earned from investments with other co-operative societies where the assessee claimed deduction under section 80P(2)(d). The Gujarat HC held that Chapter VI-A deductions operate differently from exempt income under Chapter III, and income deductible under section 80P(2)(d) does not fall within the mischief of section 14A. Relying on its earlier decisions, the Court found no error in the Tribunal's approach and left the deduction on the impugned income undisturbed, thereby deciding the issue in favour of the assessee and against the Revenue. Case-Laws Income Tax Mon, 15 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383355