https://www.taxtmi.com/caselaws?id=307861 The Tribunal upheld the deletion of the addition of Rs. 14,19,57,154 on account of the difference between the market value and cost of shares upon conversion from stock-in-trade to investment. The Tribunal restricted the disallowance under Section 14A to the exempt income earned by the assessee, i.e., Rs. 10,35,890, following the principle that disallowance should not exceed the exempt income. The appeal of the Revenue and the cross-objection of the assessee were both partly allowed. en-us Tue, 28 Jan 2020 00:00:00 +0530 Fri, 12 May 2023 21:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307861 The Tribunal upheld the deletion of the addition of Rs. 14,19,57,154 on account of the difference between the market value and cost of shares upon conversion from stock-in-trade to investment. The Tribunal restricted the disallowance under Section 14A to the exempt income earned by the assessee, i.e., Rs. 10,35,890, following the principle that disallowance should not exceed the exempt income. The appeal of the Revenue and the cross-objection of the assessee were both partly allowed. Case-Laws Income Tax Tue, 28 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307861