https://www.taxtmi.com/caselaws?id=310920 The ITAT Ahmedabad ruled in favor of the assessee on two issues. Regarding disallowance under section 14A, the tribunal held that since the assessee had not earned any exempt income during the year and made no such claim in the return, section 14A provisions were not applicable, following the Gujarat HC precedent in CIT v Corrtech Energy. On unsecured loans under section 68, the tribunal found the assessee had provided comprehensive documentation including confirmations, financial statements, PAN details, and bank statements of all lenders. The loans were repaid in subsequent years through proper banking channels, and the AO failed to conduct adequate verification despite having access to all necessary records. en-us Thu, 30 Mar 2017 00:00:00 +0530 Sat, 25 Nov 2023 14:00:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310920 The ITAT Ahmedabad ruled in favor of the assessee on two issues. Regarding disallowance under section 14A, the tribunal held that since the assessee had not earned any exempt income during the year and made no such claim in the return, section 14A provisions were not applicable, following the Gujarat HC precedent in CIT v Corrtech Energy. On unsecured loans under section 68, the tribunal found the assessee had provided comprehensive documentation including confirmations, financial statements, PAN details, and bank statements of all lenders. The loans were repaid in subsequent years through proper banking channels, and the AO failed to conduct adequate verification despite having access to all necessary records. Case-Laws Income Tax Thu, 30 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310920