https://www.taxtmi.com/caselaws?id=413693 The Tribunal upheld the CIT(A)'s decision to restrict the disallowance under section 14A of the Income Tax Act to the extent of exempt dividend income, amounting to Rs. 5,06,792, out of a total disallowance of Rs. 53,77,505. The appellant's arguments challenging the disallowance and seeking enhanced deduction under section 80P were dismissed. The judgment emphasized the necessity of establishing a direct link between investments and interest-free sources to avoid disallowance under section 14A, ultimately affirming the decision to limit the disallowance to exempt dividend income. en-us Thu, 14 Oct 2021 00:00:00 +0530 Mon, 18 Oct 2021 09:29:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413693 The Tribunal upheld the CIT(A)'s decision to restrict the disallowance under section 14A of the Income Tax Act to the extent of exempt dividend income, amounting to Rs. 5,06,792, out of a total disallowance of Rs. 53,77,505. The appellant's arguments challenging the disallowance and seeking enhanced deduction under section 80P were dismissed. The judgment emphasized the necessity of establishing a direct link between investments and interest-free sources to avoid disallowance under section 14A, ultimately affirming the decision to limit the disallowance to exempt dividend income. Case-Laws Income Tax Thu, 14 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413693