https://www.taxtmi.com/caselaws?id=387497 The Tribunal ruled in favor of the assessee, disallowing Section 14A disallowance as no exempt income was earned. The treatment of loan waivers was remitted for detailed examination by the Assessing Officer to determine if they were used for capital assets or operational needs. The issue of bogus purchases for 2011-12 was acknowledged but not elaborated upon in the judgment. Appeals were allowed for statistical purposes, with directions for further examination by the Assessing Officer. en-us Mon, 16 Sep 2019 00:00:00 +0530 Thu, 24 Oct 2019 08:52:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387497 The Tribunal ruled in favor of the assessee, disallowing Section 14A disallowance as no exempt income was earned. The treatment of loan waivers was remitted for detailed examination by the Assessing Officer to determine if they were used for capital assets or operational needs. The issue of bogus purchases for 2011-12 was acknowledged but not elaborated upon in the judgment. Appeals were allowed for statistical purposes, with directions for further examination by the Assessing Officer. Case-Laws Income Tax Mon, 16 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387497