https://www.taxtmi.com/caselaws?id=756012 The ITAT allowed the appeal, setting aside the addition of Rs. 12.02 crores in interest income due to a violation of natural justice, as the AO failed to provide the assessee with the relied-upon material. Additionally, the ITAT directed the AO to delete the Rs. 13.45 crores disallowance under Section 14A, as the assessee had no exempt income, aligning with legal precedents. The decision underscores the importance of natural justice and proportionality in disallowances. en-us Tue, 23 Jul 2024 00:00:00 +0530 Thu, 25 Jul 2024 08:05:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756012 The ITAT allowed the appeal, setting aside the addition of Rs. 12.02 crores in interest income due to a violation of natural justice, as the AO failed to provide the assessee with the relied-upon material. Additionally, the ITAT directed the AO to delete the Rs. 13.45 crores disallowance under Section 14A, as the assessee had no exempt income, aligning with legal precedents. The decision underscores the importance of natural justice and proportionality in disallowances. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756012