https://www.taxtmi.com/caselaws?id=292455 The Tribunal allowed the appeal, overturning the disallowance of expenses under section 14A for the assessment year 2010-2011. The Tribunal found that the assessee's own funds were adequate to cover investments, with interest income surpassing interest expenditure, negating the need for disallowance. Emphasizing the requirement of a proximate cause for disallowance related to tax-exempt income, the Tribunal referenced relevant case law and ruled in favor of the assessee, deleting the disallowance. The decision aligned with precedents highlighting that no disallowance is warranted when the assessee's own funds are sufficient for investments. en-us Wed, 17 Feb 2016 00:00:00 +0530 Fri, 25 Dec 2020 09:34:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292455 The Tribunal allowed the appeal, overturning the disallowance of expenses under section 14A for the assessment year 2010-2011. The Tribunal found that the assessee's own funds were adequate to cover investments, with interest income surpassing interest expenditure, negating the need for disallowance. Emphasizing the requirement of a proximate cause for disallowance related to tax-exempt income, the Tribunal referenced relevant case law and ruled in favor of the assessee, deleting the disallowance. The decision aligned with precedents highlighting that no disallowance is warranted when the assessee's own funds are sufficient for investments. Case-Laws Income Tax Wed, 17 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292455