https://www.taxtmi.com/caselaws?id=447709 ITAT Ahmedabad dismissed Revenue's appeal regarding interest expense disallowance and section 14A disallowance. The assessee had sufficient interest-free funds (Rs. 28.40 crores) against advances of Rs. 26.15 crores to subsidiary company. The advances were strategic equity investments made per CDR package requirements, not loans, thus section 36(1)(iii) disallowance was unjustified. CIT(A) correctly allowed the claim citing precedents. Regarding section 14A, since no dividend income was received on investments, CIT(A) properly deleted the disallowance following Corrtech Energy judgment. Both grounds raised by Revenue were rejected. en-us Fri, 10 Nov 2023 00:00:00 +0530 Tue, 02 Jan 2024 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447709 ITAT Ahmedabad dismissed Revenue's appeal regarding interest expense disallowance and section 14A disallowance. The assessee had sufficient interest-free funds (Rs. 28.40 crores) against advances of Rs. 26.15 crores to subsidiary company. The advances were strategic equity investments made per CDR package requirements, not loans, thus section 36(1)(iii) disallowance was unjustified. CIT(A) correctly allowed the claim citing precedents. Regarding section 14A, since no dividend income was received on investments, CIT(A) properly deleted the disallowance following Corrtech Energy judgment. Both grounds raised by Revenue were rejected. Case-Laws Income Tax Fri, 10 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447709