https://www.taxtmi.com/caselaws?id=435756 The Tribunal dismissed the revenue's appeal, affirming the Ld. CIT(A)'s decisions on disallowances under Sections 14A and 40A(2), allowing depreciation on rental income, and deleting additions related to undisclosed stock and bogus purchase. The Tribunal upheld that no disallowance was necessary under Section 14A due to the absence of tax-free income, found no related party relationship for disallowance under Section 40A(2), permitted depreciation on the speed boat generating rental income, and excluded the 4th floor from undisclosed stock, leading to the deletion of bogus purchase addition. en-us Thu, 16 Mar 2023 00:00:00 +0530 Mon, 27 Mar 2023 09:09:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435756 The Tribunal dismissed the revenue's appeal, affirming the Ld. CIT(A)'s decisions on disallowances under Sections 14A and 40A(2), allowing depreciation on rental income, and deleting additions related to undisclosed stock and bogus purchase. The Tribunal upheld that no disallowance was necessary under Section 14A due to the absence of tax-free income, found no related party relationship for disallowance under Section 40A(2), permitted depreciation on the speed boat generating rental income, and excluded the 4th floor from undisclosed stock, leading to the deletion of bogus purchase addition. Case-Laws Income Tax Thu, 16 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435756