https://www.taxtmi.com/caselaws?id=753110 ITAT Raipur partly allowed assessee's appeal on three grounds. Regarding disallowance u/s 14A r.w.r. 8D, tribunal held no interest expenditure disallowance warranted as assessee had sufficient self-owned funds for exempt income investments, following HC Bombay and SC precedents. Administrative expenditure disallowance was upheld. For addition u/s 41(1) regarding cessation of liability, matter was restored to AO for re-adjudication with proper opportunity to assessee, as AO failed to establish trading liability cessation. Regarding TCS credit claim, tribunal upheld AO's decision to decline credit for current year but directed allowance in subsequent year when coal purchase transaction materialized. en-us Fri, 05 Jan 2024 00:00:00 +0530 Sat, 25 May 2024 08:08:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753110 ITAT Raipur partly allowed assessee's appeal on three grounds. Regarding disallowance u/s 14A r.w.r. 8D, tribunal held no interest expenditure disallowance warranted as assessee had sufficient self-owned funds for exempt income investments, following HC Bombay and SC precedents. Administrative expenditure disallowance was upheld. For addition u/s 41(1) regarding cessation of liability, matter was restored to AO for re-adjudication with proper opportunity to assessee, as AO failed to establish trading liability cessation. Regarding TCS credit claim, tribunal upheld AO's decision to decline credit for current year but directed allowance in subsequent year when coal purchase transaction materialized. Case-Laws Income Tax Fri, 05 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753110