https://www.taxtmi.com/caselaws?id=450418 ITAT Ahmedabad remanded the matter of disallowance under section 14A to AO for fresh examination, directing that any disallowance should not exceed exempt dividend income earned during the year. The tribunal upheld AO's treatment of interest income from loans and advances (33.23 lakhs) and miscellaneous income (9.46 lakhs) as income from other sources, overturning CIT(A)'s relief to the assessee. Revenue's appeal was allowed on characterization of receipts, while disallowance under section 14A for book profit computation under section 115JB was deleted. en-us Thu, 29 Feb 2024 00:00:00 +0530 Mon, 04 Mar 2024 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450418 ITAT Ahmedabad remanded the matter of disallowance under section 14A to AO for fresh examination, directing that any disallowance should not exceed exempt dividend income earned during the year. The tribunal upheld AO's treatment of interest income from loans and advances (33.23 lakhs) and miscellaneous income (9.46 lakhs) as income from other sources, overturning CIT(A)'s relief to the assessee. Revenue's appeal was allowed on characterization of receipts, while disallowance under section 14A for book profit computation under section 115JB was deleted. Case-Laws Income Tax Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450418