https://www.taxtmi.com/caselaws?id=410232 The Tribunal partially allowed the appeal challenging the disallowance under section 14A of the Income-tax Act, 1961, for the assessment year 2012-13. The Tribunal reduced the disallowance from &8377; 42.42 lakhs to &8377; 2.00 lakhs, considering the appellant's specific circumstances, nature of income, and expenses related to property development activities. The Tribunal found that the major income of the appellant was from property development, and there was no diversion of project-specific loans to partnership firms, leading to the conclusion that the initial disallowance was unwarranted. en-us Fri, 25 Jun 2021 00:00:00 +0530 Wed, 28 Jul 2021 08:49:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410232 The Tribunal partially allowed the appeal challenging the disallowance under section 14A of the Income-tax Act, 1961, for the assessment year 2012-13. The Tribunal reduced the disallowance from &8377; 42.42 lakhs to &8377; 2.00 lakhs, considering the appellant's specific circumstances, nature of income, and expenses related to property development activities. The Tribunal found that the major income of the appellant was from property development, and there was no diversion of project-specific loans to partnership firms, leading to the conclusion that the initial disallowance was unwarranted. Case-Laws Income Tax Fri, 25 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410232