https://www.taxtmi.com/caselaws?id=402426 The Court ruled against the Revenue in the tax case appeal. The disallowance under Section 14A of the Income Tax Act was dismissed due to the absence of exempt income, following the precedent set in CIT Vs. Chettinad Logistics Pvt. Ltd. The Court emphasized that Rule 8D cannot exceed the scope of Section 14A. Additionally, the exclusion of expenditure related to investments in a group subsidiary company from disallowance under Section 14A was considered a factual issue. The appeal concerning a bogus purchase without independent verification was also dismissed as a factual matter without a substantial legal question. en-us Tue, 15 Dec 2020 00:00:00 +0530 Fri, 01 Jan 2021 10:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402426 The Court ruled against the Revenue in the tax case appeal. The disallowance under Section 14A of the Income Tax Act was dismissed due to the absence of exempt income, following the precedent set in CIT Vs. Chettinad Logistics Pvt. Ltd. The Court emphasized that Rule 8D cannot exceed the scope of Section 14A. Additionally, the exclusion of expenditure related to investments in a group subsidiary company from disallowance under Section 14A was considered a factual issue. The appeal concerning a bogus purchase without independent verification was also dismissed as a factual matter without a substantial legal question. Case-Laws Income Tax Tue, 15 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402426