https://www.taxtmi.com/caselaws?id=287298 The Tribunal upheld the ld. CIT(A)'s decisions in the case. The disallowance under section 14A of the Act was reduced to Rs. 9,79,228 from the initial amount calculated by the AO, considering the assessee's principal business activity in securities trading. Additionally, the deletion of penalty disallowance was supported, with penalties deemed compensatory expenses rather than infringing expenses. The Tribunal dismissed the Revenue's appeal, affirming the ld. CIT(A)'s rulings on both issues. en-us Thu, 11 Sep 2014 00:00:00 +0530 Wed, 08 Apr 2020 10:17:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287298 The Tribunal upheld the ld. CIT(A)'s decisions in the case. The disallowance under section 14A of the Act was reduced to Rs. 9,79,228 from the initial amount calculated by the AO, considering the assessee's principal business activity in securities trading. Additionally, the deletion of penalty disallowance was supported, with penalties deemed compensatory expenses rather than infringing expenses. The Tribunal dismissed the Revenue's appeal, affirming the ld. CIT(A)'s rulings on both issues. Case-Laws Income Tax Thu, 11 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287298