https://www.taxtmi.com/caselaws?id=396896 The Tribunal upheld the CIT(A)'s decisions on all three issues. For the interest deduction under section 24(b), the Tribunal agreed that interest paid for property purchase should be allowed, directing the AO to allow proportionate deduction. On the disallowance under section 14A, the Tribunal confirmed restricting disallowance to the extent of exempt income earned. Regarding the deletion of business expenses, the Tribunal upheld the CIT(A)'s decision to delete the disallowance, as no new evidence was presented to challenge the previous order. Consequently, the AO's appeal was dismissed in its entirety. en-us Fri, 15 May 2020 00:00:00 +0530 Tue, 05 Nov 2024 14:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396896 The Tribunal upheld the CIT(A)'s decisions on all three issues. For the interest deduction under section 24(b), the Tribunal agreed that interest paid for property purchase should be allowed, directing the AO to allow proportionate deduction. On the disallowance under section 14A, the Tribunal confirmed restricting disallowance to the extent of exempt income earned. Regarding the deletion of business expenses, the Tribunal upheld the CIT(A)'s decision to delete the disallowance, as no new evidence was presented to challenge the previous order. Consequently, the AO's appeal was dismissed in its entirety. Case-Laws Income Tax Fri, 15 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396896