https://www.taxtmi.com/caselaws?id=216345 For assessment years prior to the applicability of Rule 8D, a disallowance under section 14A cannot be sustained on a mere estimate unless the Assessing Officer identifies expenditure actually incurred in relation to exempt income. The Tribunal found that the exempt dividend and tax-free interest arose mainly from old investments, that no interest expenditure had been shown to relate to such income, and that no specific relatable expenditure was identified. Rule 8D was held inapplicable for the year, so the estimated disallowance was deleted. en-us Fri, 20 Jul 2012 00:00:00 +0530 Thu, 06 Sep 2012 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216345 For assessment years prior to the applicability of Rule 8D, a disallowance under section 14A cannot be sustained on a mere estimate unless the Assessing Officer identifies expenditure actually incurred in relation to exempt income. The Tribunal found that the exempt dividend and tax-free interest arose mainly from old investments, that no interest expenditure had been shown to relate to such income, and that no specific relatable expenditure was identified. Rule 8D was held inapplicable for the year, so the estimated disallowance was deleted. Case-Laws Income Tax Fri, 20 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216345