https://www.taxtmi.com/caselaws?id=401318 The tribunal allowed the assessee's appeal concerning the disallowance of interest expenses under Section 36(1)(iii) of the Income-tax Act, directing the AO to delete the disallowance. It upheld the AO's addition of deemed dividend under Section 2(22)(e), affirming the amount of Rs. 4,42,41,971/-. Additionally, the tribunal upheld the CIT(A)'s decision to delete the disallowance under Section 14A, agreeing that no exempt income was received. Consequently, the appeals filed by both the assessee and the revenue were partly allowed, resulting in a mixed outcome for both parties. en-us Wed, 02 Dec 2020 00:00:00 +0530 Mon, 04 Nov 2024 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401318 The tribunal allowed the assessee's appeal concerning the disallowance of interest expenses under Section 36(1)(iii) of the Income-tax Act, directing the AO to delete the disallowance. It upheld the AO's addition of deemed dividend under Section 2(22)(e), affirming the amount of Rs. 4,42,41,971/-. Additionally, the tribunal upheld the CIT(A)'s decision to delete the disallowance under Section 14A, agreeing that no exempt income was received. Consequently, the appeals filed by both the assessee and the revenue were partly allowed, resulting in a mixed outcome for both parties. Case-Laws Income Tax Wed, 02 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401318