https://www.taxtmi.com/caselaws?id=756156 ITAT Delhi ruled in favor of the assessee regarding disallowance under section 14A for interest expenditure. The tribunal found that neither the CIT(A) nor assessing officer provided evidence that interest-free funds were diverted for earning tax-exempt income. The authorities also failed to consider the assessee's submission that bank charges and guarantee charges were wrongly classified as interest. Following the SC precedent in Godrej Boyce case, ITAT deleted the section 14A disallowance for interest expenditure and allowed the assessee's appeal. en-us Fri, 26 Jul 2024 00:00:00 +0530 Mon, 29 Jul 2024 10:03:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756156 ITAT Delhi ruled in favor of the assessee regarding disallowance under section 14A for interest expenditure. The tribunal found that neither the CIT(A) nor assessing officer provided evidence that interest-free funds were diverted for earning tax-exempt income. The authorities also failed to consider the assessee's submission that bank charges and guarantee charges were wrongly classified as interest. Following the SC precedent in Godrej Boyce case, ITAT deleted the section 14A disallowance for interest expenditure and allowed the assessee's appeal. Case-Laws Income Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756156