https://www.taxtmi.com/caselaws?id=311127 ITAT Indore upheld CIT(Appeals) decision allowing assessee's appeals on multiple grounds. Regarding Section 14A disallowance, tribunal held that when assessee has sufficient interest-free funds and no finding that borrowed funds were used for exempt investments, no disallowance warranted, following Reliance Utilities and HDFC Bank precedents. Administrative expenditure disallowance was sustained considering assessee's share trading business. Stock exchange penalty payments were allowed as business expenditure since no legal offense occurred, following Stock Bond Trading Company judgment. Prior period service tax expenses were permitted as liability crystallized during relevant year with proper payment proof. en-us Thu, 31 May 2018 00:00:00 +0530 Sat, 09 Dec 2023 08:56:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311127 ITAT Indore upheld CIT(Appeals) decision allowing assessee's appeals on multiple grounds. Regarding Section 14A disallowance, tribunal held that when assessee has sufficient interest-free funds and no finding that borrowed funds were used for exempt investments, no disallowance warranted, following Reliance Utilities and HDFC Bank precedents. Administrative expenditure disallowance was sustained considering assessee's share trading business. Stock exchange penalty payments were allowed as business expenditure since no legal offense occurred, following Stock Bond Trading Company judgment. Prior period service tax expenses were permitted as liability crystallized during relevant year with proper payment proof. Case-Laws Income Tax Thu, 31 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311127