https://www.taxtmi.com/caselaws?id=404887 The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowance of direct expenses and the addition made under Section 14A of the Act. It was held that expenses related to earning taxable income cannot be disallowed under Section 14A. The Tribunal found that the Assessing Officer failed to demonstrate any discrepancies in the assessee's accounts and rejected the disallowance of 0.5% of average investments. The decision emphasized that expenses linked to generating taxable income should not be disallowed under Section 14A. en-us Thu, 21 Jan 2021 00:00:00 +0530 Sat, 06 Mar 2021 09:45:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404887 The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowance of direct expenses and the addition made under Section 14A of the Act. It was held that expenses related to earning taxable income cannot be disallowed under Section 14A. The Tribunal found that the Assessing Officer failed to demonstrate any discrepancies in the assessee's accounts and rejected the disallowance of 0.5% of average investments. The decision emphasized that expenses linked to generating taxable income should not be disallowed under Section 14A. Case-Laws Income Tax Thu, 21 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404887