https://www.taxtmi.com/caselaws?id=207463 Disallowance under section 14A read with Rule 8D was confined to expenditure actually attributable to exempt income, where the investments were funded partly from surplus funds and partly in subsidiary companies for commercial expediency; the restriction made by the first appellate authority was upheld. Foreign travelling expenses of directors were accepted as business expenditure because the assessee produced travel details and supporting documents showing business meetings linked to project execution; the deletion was sustained. An addition for alleged VAT liability was not sustainable where the tax authority had found refund due to the assessee and the amount had not been claimed in the profit and loss account; the deletion was upheld. en-us Fri, 02 Dec 2011 00:00:00 +0530 Tue, 13 Dec 2011 23:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207463 Disallowance under section 14A read with Rule 8D was confined to expenditure actually attributable to exempt income, where the investments were funded partly from surplus funds and partly in subsidiary companies for commercial expediency; the restriction made by the first appellate authority was upheld. Foreign travelling expenses of directors were accepted as business expenditure because the assessee produced travel details and supporting documents showing business meetings linked to project execution; the deletion was sustained. An addition for alleged VAT liability was not sustainable where the tax authority had found refund due to the assessee and the amount had not been claimed in the profit and loss account; the deletion was upheld. Case-Laws Income Tax Fri, 02 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207463