https://www.taxtmi.com/caselaws?id=294739 The Tribunal upheld the CIT(A)'s decision, allowing the interest expenses under Section 36(1)(iii) for both AY 2010-11 and AY 2011-12. The Tribunal emphasized the necessity of borrowed funds for business purposes and the reasonableness of the interest rate. Regarding the disallowance under Section 14A, the Tribunal directed the AO to restrict the disallowance to the quantum of exempt income and to reassess administrative expenses related to investments. The Revenue's appeals were dismissed, and the assessee's cross-objections were partly allowed. en-us Thu, 30 Apr 2015 00:00:00 +0530 Fri, 30 Apr 2021 19:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294739 The Tribunal upheld the CIT(A)'s decision, allowing the interest expenses under Section 36(1)(iii) for both AY 2010-11 and AY 2011-12. The Tribunal emphasized the necessity of borrowed funds for business purposes and the reasonableness of the interest rate. Regarding the disallowance under Section 14A, the Tribunal directed the AO to restrict the disallowance to the quantum of exempt income and to reassess administrative expenses related to investments. The Revenue's appeals were dismissed, and the assessee's cross-objections were partly allowed. Case-Laws Income Tax Thu, 30 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294739