S. 14A: Disallowance off expense – Excused earnings – Onus on the revenue to prove one to disallowance are incorrect – Instead of examining the membership disallowance isn’t warranted [Roentgen.8D]
Courtroom kept that the onus towards money to prove you to definitely disallowance try incorrect and you can in the place of examining the accounts disallowance is not rationalized (AY.2007-08, 2008-09)
S. 14A : Disallowance from cost – Exempt income – Improvement out of disallowance is stored to be maybe not valid [Roentgen.8D]
Dismissing the newest beauty of the latest revenue the fresh Legal kept that the Examining Manager had acknowledged that the assessee had not borrowed loans. The brand new assessee got deducted specific proportionate expense, that your Determining Manager hadn’t disbelieved otherwise disputed. Amount of financing, the latest assessee was thought to have obtained charge-free functions out of banks or any other loan providers which have just who it got invested. The fresh Tribunal got precisely erased the newest disallowance away from Rs. Læs videre “S. 14A : Disallowance regarding expenditure – Exempt earnings – Zero exempt money acquired – Supply is not appropriate [R”