https://www.taxtmi.com/highlights?id=80714 Unsecured loans received by assessee were supported by documentary evidence proving identity, genuineness, and creditworthiness of lenders. No contrary material brought by Revenue to doubt transactions. Hence, no addition u/s 68 was warranted and corresponding disallowance of interest u/s 69C was rightly deleted. Assessee did not earn any exempt income, only gains from investments. Section 14A disallowance applies when exempt income is received/receivable. As no exempt income was earned, disallowance u/s 14A read with Rule 8D was correctly deleted by CIT(A), even considering prospective amendment. Order in favor of assessee upheld. en-us Tue, 27 Aug 2024 08:18:19 +0530 Tue, 27 Aug 2024 08:18:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80714 Unsecured loans received by assessee were supported by documentary evidence proving identity, genuineness, and creditworthiness of lenders. No contrary material brought by Revenue to doubt transactions. Hence, no addition u/s 68 was warranted and corresponding disallowance of interest u/s 69C was rightly deleted. Assessee did not earn any exempt income, only gains from investments. Section 14A disallowance applies when exempt income is received/receivable. As no exempt income was earned, disallowance u/s 14A read with Rule 8D was correctly deleted by CIT(A), even considering prospective amendment. Order in favor of assessee upheld. Highlights Income Tax Tue, 27 Aug 2024 08:18:19 +0530 https://www.taxtmi.com/highlights?id=80714