https://www.taxtmi.com/caselaws?id=460460 ITAT Ahmedabad remanded the matter to AO for fresh examination of disallowance under section 14A, directing that any disallowance should not exceed exempt dividend income earned during the year. The tribunal confirmed AO's treatment of interest income from staff loans and miscellaneous income as "income from other sources" rather than business income, overturning CIT(A)'s relief to assessee. Revenue's appeal was allowed on this ground. However, the tribunal deleted the adjustment made to book profit under section 115JB regarding section 14A disallowance, following Gujarat HC precedent. en-us Fri, 15 Mar 2024 00:00:00 +0530 Sat, 25 Jan 2025 15:46:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460460 ITAT Ahmedabad remanded the matter to AO for fresh examination of disallowance under section 14A, directing that any disallowance should not exceed exempt dividend income earned during the year. The tribunal confirmed AO's treatment of interest income from staff loans and miscellaneous income as "income from other sources" rather than business income, overturning CIT(A)'s relief to assessee. Revenue's appeal was allowed on this ground. However, the tribunal deleted the adjustment made to book profit under section 115JB regarding section 14A disallowance, following Gujarat HC precedent. Case-Laws Income Tax Fri, 15 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460460