https://www.taxtmi.com/caselaws?id=405925 The Tribunal partially allowed the appeal for the assessment year 2014-15, ruling in favor of the assessee. It deleted the disallowance of interest under section 14A, amounting to Rs. 45,16,437, as the investments were significantly less than the shareholders' funds. The Tribunal also directed the AO to consider only investments yielding exempt income for calculating the disallowance of interest. Regarding the deduction of Education Cess and Secondary and Higher Education Cess, the Tribunal allowed the deduction based on High Court judgments stating that Education Cess is not disallowable expenditure under the Income-tax Act. en-us Mon, 15 Mar 2021 00:00:00 +0530 Thu, 01 Apr 2021 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405925 The Tribunal partially allowed the appeal for the assessment year 2014-15, ruling in favor of the assessee. It deleted the disallowance of interest under section 14A, amounting to Rs. 45,16,437, as the investments were significantly less than the shareholders' funds. The Tribunal also directed the AO to consider only investments yielding exempt income for calculating the disallowance of interest. Regarding the deduction of Education Cess and Secondary and Higher Education Cess, the Tribunal allowed the deduction based on High Court judgments stating that Education Cess is not disallowable expenditure under the Income-tax Act. Case-Laws Income Tax Mon, 15 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405925