https://www.taxtmi.com/caselaws?id=310955 The ITAT Delhi upheld CIT(A)'s deletion of disallowance under section 14A as the assessee earned no exempt income during the year. Regarding interest-free loans to sister concern, the Tribunal confirmed CIT(A)'s deletion of disallowance, finding AO failed to establish nexus between interest-bearing funds and interest-free advances, and assessee had adequate non-interest bearing funds. However, for loan write-off to sister concern, ITAT reversed CIT(A)'s decision allowing the claim as business loss, noting money lending wasn't assessee's business activity and no evidence proved loss occurred during the year, restoring AO's disallowance. en-us Fri, 23 Mar 2018 00:00:00 +0530 Tue, 28 Nov 2023 17:52:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310955 The ITAT Delhi upheld CIT(A)'s deletion of disallowance under section 14A as the assessee earned no exempt income during the year. Regarding interest-free loans to sister concern, the Tribunal confirmed CIT(A)'s deletion of disallowance, finding AO failed to establish nexus between interest-bearing funds and interest-free advances, and assessee had adequate non-interest bearing funds. However, for loan write-off to sister concern, ITAT reversed CIT(A)'s decision allowing the claim as business loss, noting money lending wasn't assessee's business activity and no evidence proved loss occurred during the year, restoring AO's disallowance. Case-Laws Income Tax Fri, 23 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310955