https://www.taxtmi.com/caselaws?id=430833 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decisions to delete disallowances under sections 68 and 14A of the Income Tax Act. In the first issue, the Tribunal found that the assessee had provided sufficient evidence to establish the identity and creditworthiness of creditors, leading to the deletion of disallowance under section 68. Regarding the second issue, the Tribunal agreed with the CIT(A) that no disallowance under section 14A was warranted as no tax-exempt income was derived from investments, following a Delhi High Court decision on the prospective application of the explanation to Section 14A. en-us Thu, 24 Nov 2022 00:00:00 +0530 Tue, 29 Nov 2022 09:15:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430833 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decisions to delete disallowances under sections 68 and 14A of the Income Tax Act. In the first issue, the Tribunal found that the assessee had provided sufficient evidence to establish the identity and creditworthiness of creditors, leading to the deletion of disallowance under section 68. Regarding the second issue, the Tribunal agreed with the CIT(A) that no disallowance under section 14A was warranted as no tax-exempt income was derived from investments, following a Delhi High Court decision on the prospective application of the explanation to Section 14A. Case-Laws Income Tax Thu, 24 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430833