https://www.taxtmi.com/caselaws?id=303393 The Tribunal ruled in favor of the assessee on both issues, disallowance under section 14A and section 57(iii) of the Income Tax Act, overturning the disallowances made by the Assessing Officer and upheld by the CIT(A). The disallowance of interest expenditure under section 14A was not warranted as the investment was not directly related to earning exempt income. Additionally, the disallowance under section 57(iii) was deleted as the actual interest paid was higher than the claimed amount. en-us Wed, 24 Oct 2018 00:00:00 +0530 Wed, 20 Jul 2022 09:22:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303393 The Tribunal ruled in favor of the assessee on both issues, disallowance under section 14A and section 57(iii) of the Income Tax Act, overturning the disallowances made by the Assessing Officer and upheld by the CIT(A). The disallowance of interest expenditure under section 14A was not warranted as the investment was not directly related to earning exempt income. Additionally, the disallowance under section 57(iii) was deleted as the actual interest paid was higher than the claimed amount. Case-Laws Income Tax Wed, 24 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303393