https://www.taxtmi.com/caselaws?id=466098 Disallowance under section 14A was addressed on the basis that no exempt income was earned, applying the principle that absence of exempt income precludes disallowance, and therefore no disallowance was made. Deemed dividend allegations were reconsidered on the basis of identical business operations and unchanged legal propositions from prior years, resulting in deletion of the addition and affirmation of the appellate deletion. Unrecorded cash sales of silver were examined against bank statements and seized material; because cash sales were reconciled with bank deposits, the appellate deletion of the addition was sustained. en-us Tue, 03 Jan 2023 00:00:00 +0530 Thu, 22 Jan 2026 16:29:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466098 Disallowance under section 14A was addressed on the basis that no exempt income was earned, applying the principle that absence of exempt income precludes disallowance, and therefore no disallowance was made. Deemed dividend allegations were reconsidered on the basis of identical business operations and unchanged legal propositions from prior years, resulting in deletion of the addition and affirmation of the appellate deletion. Unrecorded cash sales of silver were examined against bank statements and seized material; because cash sales were reconciled with bank deposits, the appellate deletion of the addition was sustained. Case-Laws Income Tax Tue, 03 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466098