https://www.taxtmi.com/caselaws?id=414602 The High Court ruled in favor of the assessee in a case involving the disallowance of expenditure of earning exempt income under Section 14A of the Income Tax Act. The Court emphasized that no deduction should be allowed for expenditure related to income that does not form part of the total income, based on established legal principles. Additionally, the Court directed a re-examination by the Assessing Officer regarding the disallowance of depreciation on HTM category of investments, highlighting the importance of proper evidence and assessment in determining losses. The Court upheld the findings of the Tribunal on the allowance of depreciation on assets leased to specific companies, emphasizing the importance of factual findings. The judgment provided a comprehensive analysis of the legal issues and concluded in favor of the assessee. en-us Wed, 22 Sep 2021 00:00:00 +0530 Fri, 12 Nov 2021 08:52:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414602 The High Court ruled in favor of the assessee in a case involving the disallowance of expenditure of earning exempt income under Section 14A of the Income Tax Act. The Court emphasized that no deduction should be allowed for expenditure related to income that does not form part of the total income, based on established legal principles. Additionally, the Court directed a re-examination by the Assessing Officer regarding the disallowance of depreciation on HTM category of investments, highlighting the importance of proper evidence and assessment in determining losses. The Court upheld the findings of the Tribunal on the allowance of depreciation on assets leased to specific companies, emphasizing the importance of factual findings. The judgment provided a comprehensive analysis of the legal issues and concluded in favor of the assessee. Case-Laws Income Tax Wed, 22 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414602