https://www.taxtmi.com/caselaws?id=762458 The Tribunal ruled in favor of the assessee by deleting the disallowance made under section 14A of the Income Tax Act, 1961. The Tribunal found that the disallowance was not legally sustainable as the assessee demonstrated that the investment was made from its own capital and not from borrowed funds. Additionally, the interest income from the current account had already been offered for tax. Consequently, the grounds of appeal were allowed, overturning the decision of the Commissioner of Income-tax (Appeal) and resulting in the appeal being allowed. en-us Thu, 28 Nov 2024 00:00:00 +0530 Sat, 30 Nov 2024 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762458 The Tribunal ruled in favor of the assessee by deleting the disallowance made under section 14A of the Income Tax Act, 1961. The Tribunal found that the disallowance was not legally sustainable as the assessee demonstrated that the investment was made from its own capital and not from borrowed funds. Additionally, the interest income from the current account had already been offered for tax. Consequently, the grounds of appeal were allowed, overturning the decision of the Commissioner of Income-tax (Appeal) and resulting in the appeal being allowed. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762458