https://www.taxtmi.com/caselaws?id=394344 The assessee's appeal was partly allowed, directing the AO to recompute the disallowance under Section 14A by considering only investments yielding exempt income. The addition of disallowance under Section 14A while computing book profit under Section 115JB was partly allowed, with an ad-hoc disallowance of 1% of exempted income. The issues regarding levy of interest under Sections 234A, 234B, and 234D were dismissed as consequential. The initiation of penalty proceedings under Section 271(1)(c) was considered premature and dismissed. The Revenue's appeals against the deletion of additions on account of liquidated damages and disallowance under Section 40(a)(i) were dismissed due to the tax effect being below the prescribed limit. en-us Mon, 15 Jul 2019 00:00:00 +0530 Thu, 09 Apr 2020 12:38:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394344 The assessee's appeal was partly allowed, directing the AO to recompute the disallowance under Section 14A by considering only investments yielding exempt income. The addition of disallowance under Section 14A while computing book profit under Section 115JB was partly allowed, with an ad-hoc disallowance of 1% of exempted income. The issues regarding levy of interest under Sections 234A, 234B, and 234D were dismissed as consequential. The initiation of penalty proceedings under Section 271(1)(c) was considered premature and dismissed. The Revenue's appeals against the deletion of additions on account of liquidated damages and disallowance under Section 40(a)(i) were dismissed due to the tax effect being below the prescribed limit. Case-Laws Income Tax Mon, 15 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394344