https://www.taxtmi.com/caselaws?id=420954 The Tribunal dismissed both appeals filed by the Revenue, affirming that no disallowance of interest expenditure under Section 36(1)(iii) could be made as the advances were for business purposes and the assessee had sufficient interest-free funds. Additionally, the Tribunal held that no disallowance under Section 14A could be made if no exempt income was earned, and any disallowance should be restricted to the extent of the exempt income received. en-us Mon, 11 Apr 2022 00:00:00 +0530 Thu, 14 Apr 2022 08:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420954 The Tribunal dismissed both appeals filed by the Revenue, affirming that no disallowance of interest expenditure under Section 36(1)(iii) could be made as the advances were for business purposes and the assessee had sufficient interest-free funds. Additionally, the Tribunal held that no disallowance under Section 14A could be made if no exempt income was earned, and any disallowance should be restricted to the extent of the exempt income received. Case-Laws Income Tax Mon, 11 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420954