https://www.taxtmi.com/caselaws?id=414193 The Tribunal upheld the CIT(A)'s decision to delete the additions and disallowances made by the AO. The Tribunal found that the AO's actions lacked merit as they were not based on cogent material or evidence and relied on flawed assumptions and comparisons. It was emphasized that each year's assessment must be independent and supported by specific facts. The Tribunal agreed with the CIT(A) that disallowance under section 14A is not justified when there is no exempt income and when the assessee has ample non-interest bearing funds for investments. As a result, the Revenue's appeal was dismissed. en-us Fri, 22 Oct 2021 00:00:00 +0530 Sat, 30 Oct 2021 15:48:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414193 The Tribunal upheld the CIT(A)'s decision to delete the additions and disallowances made by the AO. The Tribunal found that the AO's actions lacked merit as they were not based on cogent material or evidence and relied on flawed assumptions and comparisons. It was emphasized that each year's assessment must be independent and supported by specific facts. The Tribunal agreed with the CIT(A) that disallowance under section 14A is not justified when there is no exempt income and when the assessee has ample non-interest bearing funds for investments. As a result, the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 22 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414193