https://www.taxtmi.com/caselaws?id=290290 The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s decisions, affirming that interest expenses cannot be disallowed merely due to differential interest rates on loans to subsidiaries. It confirmed no disallowance under section 14A when the assessee's own funds exceed investments. The Tribunal also ruled that section 14A disallowance is not applicable in computing book profit under section 115JB. Furthermore, it instructed the AO to exclude non-yielding investments from disallowance calculations under section 14A. The Tribunal allowed the assessee's cross-objection for statistical purposes, directing a recomputation of disallowances per its instructions. en-us Fri, 24 Aug 2018 00:00:00 +0530 Thu, 14 Nov 2024 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290290 The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s decisions, affirming that interest expenses cannot be disallowed merely due to differential interest rates on loans to subsidiaries. It confirmed no disallowance under section 14A when the assessee's own funds exceed investments. The Tribunal also ruled that section 14A disallowance is not applicable in computing book profit under section 115JB. Furthermore, it instructed the AO to exclude non-yielding investments from disallowance calculations under section 14A. The Tribunal allowed the assessee's cross-objection for statistical purposes, directing a recomputation of disallowances per its instructions. Case-Laws Income Tax Fri, 24 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290290