https://www.taxtmi.com/caselaws?id=431330 The ITAT allowed the appeal of the assessee on all grounds. It held that no disallowance on interest expenditure was justified under section 14A due to substantial interest-free funds exceeding investments for earning exempt income. Additionally, disallowances under section 14A cannot be added to net profit for computing book profit under section 115JB, as per legal precedents. The ITAT directed fresh adjudication regarding the disallowance related to the closing balance of M/s Jay Metal Industries, citing discrepancies in opening balances. en-us Thu, 08 Dec 2022 00:00:00 +0530 Fri, 09 Dec 2022 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431330 The ITAT allowed the appeal of the assessee on all grounds. It held that no disallowance on interest expenditure was justified under section 14A due to substantial interest-free funds exceeding investments for earning exempt income. Additionally, disallowances under section 14A cannot be added to net profit for computing book profit under section 115JB, as per legal precedents. The ITAT directed fresh adjudication regarding the disallowance related to the closing balance of M/s Jay Metal Industries, citing discrepancies in opening balances. Case-Laws Income Tax Thu, 08 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431330