https://www.taxtmi.com/caselaws?id=291536 The Tribunal allowed the assessee's appeals and dismissed the Revenue's appeals. Disallowance under section 14A was deleted as there was no nexus between borrowed funds and investments, and no exempt income was earned. The addition on interest on outstanding receivables from AEs was deleted, as the assessee had a consistent policy of not charging interest on delayed payments. The disallowance of business promotion expenses was also deleted due to lack of specific defects in the books. The findings and directions for AY 2007-08 were applied to AY 2008-09 and 2009-10, resulting in similar outcomes for those years. en-us Tue, 28 Nov 2017 00:00:00 +0530 Mon, 16 Nov 2020 15:46:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291536 The Tribunal allowed the assessee's appeals and dismissed the Revenue's appeals. Disallowance under section 14A was deleted as there was no nexus between borrowed funds and investments, and no exempt income was earned. The addition on interest on outstanding receivables from AEs was deleted, as the assessee had a consistent policy of not charging interest on delayed payments. The disallowance of business promotion expenses was also deleted due to lack of specific defects in the books. The findings and directions for AY 2007-08 were applied to AY 2008-09 and 2009-10, resulting in similar outcomes for those years. Case-Laws Income Tax Tue, 28 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291536