https://www.taxtmi.com/caselaws?id=389084 The appeal challenged the addition under section 14A of the Income Tax Act. The Tribunal ruled in favor of the appellant, deleting the disallowance as no exempt income was earned during the relevant period. The Tribunal also supported the appellant's position on the source of funds for investments, emphasizing the presumption that only free funds were utilized. Additionally, the Tribunal agreed with the appellant that disallowance under rule 8D(2)(ii) was unwarranted and that there must be a nexus between expenditure and income earned. The Tribunal granted relief by allowing the appeal and deleting the disallowance made under Section 14A. en-us Fri, 20 Sep 2019 00:00:00 +0530 Sat, 30 Nov 2019 12:50:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389084 The appeal challenged the addition under section 14A of the Income Tax Act. The Tribunal ruled in favor of the appellant, deleting the disallowance as no exempt income was earned during the relevant period. The Tribunal also supported the appellant's position on the source of funds for investments, emphasizing the presumption that only free funds were utilized. Additionally, the Tribunal agreed with the appellant that disallowance under rule 8D(2)(ii) was unwarranted and that there must be a nexus between expenditure and income earned. The Tribunal granted relief by allowing the appeal and deleting the disallowance made under Section 14A. Case-Laws Income Tax Fri, 20 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389084