https://www.taxtmi.com/caselaws?id=312173 The ITAT Indore upheld CIT(A)'s decision to delete disallowance under section 14A regarding expenditure for earning exempt income. The tribunal found that the assessee earned no tax-free income during the relevant year, making expenditure disallowance inapplicable. The assessee had sufficient interest-free funds for share investments, which were made for management control, securing construction contracts, and capital appreciation rather than dividend income. Since actual income from contracts and capital gains were offered for taxation, section 14A could not be invoked. The revenue failed to rebut CIT(A)'s factual findings with contrary evidence. en-us Wed, 25 Apr 2018 00:00:00 +0530 Tue, 06 Feb 2024 08:19:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312173 The ITAT Indore upheld CIT(A)'s decision to delete disallowance under section 14A regarding expenditure for earning exempt income. The tribunal found that the assessee earned no tax-free income during the relevant year, making expenditure disallowance inapplicable. The assessee had sufficient interest-free funds for share investments, which were made for management control, securing construction contracts, and capital appreciation rather than dividend income. Since actual income from contracts and capital gains were offered for taxation, section 14A could not be invoked. The revenue failed to rebut CIT(A)'s factual findings with contrary evidence. Case-Laws Income Tax Wed, 25 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312173