https://www.taxtmi.com/caselaws?id=765427 The Tribunal found that the CIT(A) erred in confirming the disallowance under Section 14A of the Income Tax Act without properly considering the evidence regarding the source of investment funds and the nature of expenses. The Tribunal also emphasized the importance of the IBC's moratorium provisions, highlighting the need for the Assessing Officer to address the tax liability in accordance with the IBC and Section 156A of the Income Tax Act. Consequently, the appeal was allowed for statistical purposes, and the matter was remanded to the Assessing Officer for further action. en-us Wed, 29 Jan 2025 00:00:00 +0530 Fri, 31 Jan 2025 07:54:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765427 The Tribunal found that the CIT(A) erred in confirming the disallowance under Section 14A of the Income Tax Act without properly considering the evidence regarding the source of investment funds and the nature of expenses. The Tribunal also emphasized the importance of the IBC's moratorium provisions, highlighting the need for the Assessing Officer to address the tax liability in accordance with the IBC and Section 156A of the Income Tax Act. Consequently, the appeal was allowed for statistical purposes, and the matter was remanded to the Assessing Officer for further action. Case-Laws Income Tax Wed, 29 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765427