https://www.taxtmi.com/caselaws?id=218044 Section 14A disallowance cannot rest on an ad hoc estimate unless actual expenditure incurred in relation to exempt income is shown, so the estimated disallowance was deleted. A sponsorship contribution for construction of a public building was treated as revenue expenditure under section 37(1) because no capital asset was acquired and the outlay was connected with business benefit, so the disallowance was upheld as deleted. Write-off of obsolete meters was not subjected to further estimated salvage disallowance where obsolescence and net realisable value were accepted. The inter-corporate deposit write-off was remanded for fresh factual examination as a possible capital loss. en-us Fri, 12 Oct 2012 00:00:00 +0530 Tue, 28 May 2013 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218044 Section 14A disallowance cannot rest on an ad hoc estimate unless actual expenditure incurred in relation to exempt income is shown, so the estimated disallowance was deleted. A sponsorship contribution for construction of a public building was treated as revenue expenditure under section 37(1) because no capital asset was acquired and the outlay was connected with business benefit, so the disallowance was upheld as deleted. Write-off of obsolete meters was not subjected to further estimated salvage disallowance where obsolescence and net realisable value were accepted. The inter-corporate deposit write-off was remanded for fresh factual examination as a possible capital loss. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218044