https://www.taxtmi.com/caselaws?id=285993 The Tribunal upheld the CIT(A)'s decisions in a tax case, dismissing the Revenue's appeals and partially allowing the assessee's appeal. The Tribunal found that the assessee had adequately proven the identity, genuineness, and creditworthiness of investors regarding share application money under Section 68. Additionally, the Tribunal ruled in favor of the assessee regarding the disallowance of 80% of claimed expenses, deeming them as revenue expenses related to the business. The disallowance under Section 14A was restricted to the amount of exempt income earned by the assessee during the year. en-us Fri, 26 Aug 2016 00:00:00 +0530 Fri, 07 Feb 2020 09:41:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285993 The Tribunal upheld the CIT(A)'s decisions in a tax case, dismissing the Revenue's appeals and partially allowing the assessee's appeal. The Tribunal found that the assessee had adequately proven the identity, genuineness, and creditworthiness of investors regarding share application money under Section 68. Additionally, the Tribunal ruled in favor of the assessee regarding the disallowance of 80% of claimed expenses, deeming them as revenue expenses related to the business. The disallowance under Section 14A was restricted to the amount of exempt income earned by the assessee during the year. Case-Laws Income Tax Fri, 26 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285993