https://www.taxtmi.com/caselaws?id=753607 ITAT Raipur dismissed revenue's appeal on multiple grounds. Regarding s.14A disallowance, the tribunal held no interest expenditure disallowance was warranted as the assessee company had sufficient interest-free funds (share capital/reserves) exceeding investments in exempt income-yielding shares, following SC precedent in South Indian Bank Ltd. For cash expenses, partial disallowance of vehicle running expenses was upheld due to possible personal usage, but other expense disallowances were deleted for lack of justification. Under s.68, no addition for unexplained loan was sustainable as assessee proved lender's identity and loan confirmation, following Lovely Exports precedent. en-us Mon, 03 Jun 2024 00:00:00 +0530 Wed, 05 Jun 2024 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753607 ITAT Raipur dismissed revenue's appeal on multiple grounds. Regarding s.14A disallowance, the tribunal held no interest expenditure disallowance was warranted as the assessee company had sufficient interest-free funds (share capital/reserves) exceeding investments in exempt income-yielding shares, following SC precedent in South Indian Bank Ltd. For cash expenses, partial disallowance of vehicle running expenses was upheld due to possible personal usage, but other expense disallowances were deleted for lack of justification. Under s.68, no addition for unexplained loan was sustainable as assessee proved lender's identity and loan confirmation, following Lovely Exports precedent. Case-Laws Income Tax Mon, 03 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753607