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of <h1>No deduction for expenses tied to non-taxable income; tax authority can fix amount even if taxpayer denies expenditure</h1> No deduction is allowed for expenditure incurred in relation to income that is not includible in total income. If the tax authority is not satisfied with the assessee's claim about such expenditure, it may determine the amount by a prescribed method; this power also applies where the assessee asserts no such expenditure was incurred. The section does not empower reassessment, enhancement of assessment, reduction of refund or other increase of liability for assessment years beginning on or before 1 April 2001. An explanation clarifies the section applies where exempt income was not accrued, arisen or received but related expenditure was incurred in the previous year.
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