https://www.taxtmi.com/caselaws?id=292187 The ITAT upheld the CIT(A)'s decision in favor of the assessee, ruling that only the interest paid on funds borrowed for investing in exempt income-generating shares could be disallowed under section 14A of the Income Tax Act. The ITAT found a clear link between interest paid and received, supporting the assessee's claim. As there was no evidence to challenge the CIT(A)'s factual findings, the ITAT dismissed the Revenue's appeal, affirming the decision to limit the disallowance to the amount voluntarily declared by the assessee. en-us Wed, 14 Dec 2011 00:00:00 +0530 Thu, 10 Dec 2020 12:53:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292187 The ITAT upheld the CIT(A)'s decision in favor of the assessee, ruling that only the interest paid on funds borrowed for investing in exempt income-generating shares could be disallowed under section 14A of the Income Tax Act. The ITAT found a clear link between interest paid and received, supporting the assessee's claim. As there was no evidence to challenge the CIT(A)'s factual findings, the ITAT dismissed the Revenue's appeal, affirming the decision to limit the disallowance to the amount voluntarily declared by the assessee. Case-Laws Income Tax Wed, 14 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292187