https://www.taxtmi.com/caselaws?id=412296 The ITAT partially allowed the assessee's appeal and partly allowed the revenue's appeal. The disallowance of interest payments to NBFCs under section 40(a)(ia) was upheld, except for a payment to Tata Capital Ltd., which was sent back for reevaluation. The ad hoc disallowance of wages expenditure was deleted by the CIT(A) and upheld by the ITAT. Disallowance under section 14A was restricted to the amount of exempt income, a decision supported by the ITAT. The disallowance of interest expenditure related to an advance for land acquisition was sent back for further examination regarding the nexus between own funds and the advance. en-us Wed, 08 Sep 2021 00:00:00 +0530 Wed, 15 Sep 2021 09:00:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412296 The ITAT partially allowed the assessee's appeal and partly allowed the revenue's appeal. The disallowance of interest payments to NBFCs under section 40(a)(ia) was upheld, except for a payment to Tata Capital Ltd., which was sent back for reevaluation. The ad hoc disallowance of wages expenditure was deleted by the CIT(A) and upheld by the ITAT. Disallowance under section 14A was restricted to the amount of exempt income, a decision supported by the ITAT. The disallowance of interest expenditure related to an advance for land acquisition was sent back for further examination regarding the nexus between own funds and the advance. Case-Laws Income Tax Wed, 08 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412296