https://www.taxtmi.com/caselaws?id=213977 ITAT, Ahmedabad - AT held that where share of firm income is exempt, s.14A applies and expenditures (other than depreciation) apportioned to exempt income must be disallowed; this aspect was decided against the assessee. However, depreciation being a statutory allowance u/s 32 is not an "expenditure" for purposes of s.14A and therefore cannot be disallowed under s.14A; this point was decided in favour of the assessee. en-us Fri, 25 May 2012 00:00:00 +0530 Wed, 03 Sep 2025 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213977 ITAT, Ahmedabad - AT held that where share of firm income is exempt, s.14A applies and expenditures (other than depreciation) apportioned to exempt income must be disallowed; this aspect was decided against the assessee. However, depreciation being a statutory allowance u/s 32 is not an "expenditure" for purposes of s.14A and therefore cannot be disallowed under s.14A; this point was decided in favour of the assessee. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213977