https://www.taxtmi.com/caselaws?id=283163 The Tribunal ruled in favor of the assessee on multiple issues related to income tax assessments for the year 2007-08. The disallowance under section 14A was not justified as the investment was made from own funds. Prior period expenses were allowed due to correct explanations provided. Interest income on short-term deposits was considered business income. Disallowance under section 14A was restricted to 5% of exempted income. Expenses related to the frequent flier program were not disallowed as the liability accrued simultaneously with passenger travel. The Tribunal's decisions were detailed and supported by legal principles and precedents, favoring the assessee over the Revenue. en-us Fri, 01 Apr 2016 00:00:00 +0530 Wed, 11 Sep 2019 07:38:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283163 The Tribunal ruled in favor of the assessee on multiple issues related to income tax assessments for the year 2007-08. The disallowance under section 14A was not justified as the investment was made from own funds. Prior period expenses were allowed due to correct explanations provided. Interest income on short-term deposits was considered business income. Disallowance under section 14A was restricted to 5% of exempted income. Expenses related to the frequent flier program were not disallowed as the liability accrued simultaneously with passenger travel. The Tribunal's decisions were detailed and supported by legal principles and precedents, favoring the assessee over the Revenue. Case-Laws Income Tax Fri, 01 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283163