https://www.taxtmi.com/caselaws?id=401641 The appeal was allowed, resulting in the deletion of disallowances under Section 14A and the allowance of the business loss under Section 28. The court found that the Assessing Officer failed to follow procedural aspects in invoking Section 14A(2) and did not express dissatisfaction with the assessee's voluntary disallowance. The business loss incurred by the assessee was considered allowable under Section 28 as it had a direct nexus with business operations. en-us Fri, 27 Nov 2020 00:00:00 +0530 Fri, 11 Dec 2020 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401641 The appeal was allowed, resulting in the deletion of disallowances under Section 14A and the allowance of the business loss under Section 28. The court found that the Assessing Officer failed to follow procedural aspects in invoking Section 14A(2) and did not express dissatisfaction with the assessee's voluntary disallowance. The business loss incurred by the assessee was considered allowable under Section 28 as it had a direct nexus with business operations. Case-Laws Income Tax Fri, 27 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401641