https://www.taxtmi.com/caselaws?id=419168 The Tribunal upheld the CIT (A)'s decisions on disallowances under sections 14A and 37(1) of the Income Tax Act, 1961. The disallowance under section 14A was restricted to the amount of dividend income earned, reducing it to Rs. 9,45,651. Additionally, the interest on delayed TDS payment was allowed as compensatory and not part of income tax liability, following a Karnataka High Court decision. The ad hoc disallowance of repair and maintenance charges was overturned as the expenses were deemed to be for business purposes. The Revenue's appeal was dismissed, affirming the allowance of expenses claimed by the assessee. en-us Thu, 18 Nov 2021 00:00:00 +0530 Thu, 03 Mar 2022 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419168 The Tribunal upheld the CIT (A)'s decisions on disallowances under sections 14A and 37(1) of the Income Tax Act, 1961. The disallowance under section 14A was restricted to the amount of dividend income earned, reducing it to Rs. 9,45,651. Additionally, the interest on delayed TDS payment was allowed as compensatory and not part of income tax liability, following a Karnataka High Court decision. The ad hoc disallowance of repair and maintenance charges was overturned as the expenses were deemed to be for business purposes. The Revenue's appeal was dismissed, affirming the allowance of expenses claimed by the assessee. Case-Laws Income Tax Thu, 18 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419168