https://www.taxtmi.com/caselaws?id=392381 The Appellate Tribunal ITAT Chennai upheld the disallowance of interest expenditure on a loan for purchasing stock in trade, emphasizing that such expenditure cannot be claimed if the business has not commenced operations. Additionally, the Tribunal ruled that disallowance under Section 14A of the Income Tax Act was not applicable as the appellant had not earned any exempt income during the relevant year. Consequently, the disallowance under Section 14A was deleted, and both appeals filed by the assessee were partly allowed. en-us Fri, 03 Jan 2020 00:00:00 +0530 Wed, 19 Feb 2020 13:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392381 The Appellate Tribunal ITAT Chennai upheld the disallowance of interest expenditure on a loan for purchasing stock in trade, emphasizing that such expenditure cannot be claimed if the business has not commenced operations. Additionally, the Tribunal ruled that disallowance under Section 14A of the Income Tax Act was not applicable as the appellant had not earned any exempt income during the relevant year. Consequently, the disallowance under Section 14A was deleted, and both appeals filed by the assessee were partly allowed. Case-Laws Income Tax Fri, 03 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392381