https://www.taxtmi.com/caselaws?id=397199 The appellate tribunal ruled in favor of the assessee, upholding the Ld.CIT(A)'s decisions on both issues. For the disallowance under Sec. 36(1)(iii), the Tribunal allowed the interest expenses, aligning with the completed contract method and the Supreme Court's precedent. Regarding Sec. 14A and Rule 8D, the Tribunal sustained the deletion of interest disallowance due to surplus funds and directed the AO to consider only investments generating exempt income for disallowance computation. The Tribunal dismissed the Revenue's appeals and partially allowed the assessee's cross objections, ensuring adherence to legal precedents and principles of tax law. en-us Mon, 20 Jul 2020 00:00:00 +0530 Fri, 08 Nov 2024 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397199 The appellate tribunal ruled in favor of the assessee, upholding the Ld.CIT(A)'s decisions on both issues. For the disallowance under Sec. 36(1)(iii), the Tribunal allowed the interest expenses, aligning with the completed contract method and the Supreme Court's precedent. Regarding Sec. 14A and Rule 8D, the Tribunal sustained the deletion of interest disallowance due to surplus funds and directed the AO to consider only investments generating exempt income for disallowance computation. The Tribunal dismissed the Revenue's appeals and partially allowed the assessee's cross objections, ensuring adherence to legal precedents and principles of tax law. Case-Laws Income Tax Mon, 20 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397199