https://www.taxtmi.com/caselaws?id=425957 The Tribunal dismissed the Revenue's appeal and the assessee's cross objection, upholding the CIT(A)'s decisions. The disallowance of interest expenses was overturned as the CIT(A) found errors in the AO's calculations, determining that the average interest paid was less than the average interest earned. Regarding the disallowance under section 14A for investments in mutual funds, the Tribunal upheld the AO's decision to include mutual fund investments in the disallowance calculation, as they were listed in the audited Balance Sheet alongside equity shares. en-us Mon, 25 Jul 2022 00:00:00 +0530 Thu, 04 Aug 2022 08:34:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425957 The Tribunal dismissed the Revenue's appeal and the assessee's cross objection, upholding the CIT(A)'s decisions. The disallowance of interest expenses was overturned as the CIT(A) found errors in the AO's calculations, determining that the average interest paid was less than the average interest earned. Regarding the disallowance under section 14A for investments in mutual funds, the Tribunal upheld the AO's decision to include mutual fund investments in the disallowance calculation, as they were listed in the audited Balance Sheet alongside equity shares. Case-Laws Income Tax Mon, 25 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425957