https://www.taxtmi.com/caselaws?id=233589 Where sufficient interest-free funds are available, investments are presumed to have been made from those funds, so related interest disallowance under section 36(1)(iii) and the later-year mutual fund disallowance were deleted; under section 14A, only direct expenditure linked to exempt income was sustained. Bad debt claims required reconsideration under the amended law on the basis of write-off in the accounts. The claims for higher depreciation on electrical installations and for foreign travel, credit card and membership fee expenses were not accepted. Book profit adjustments for leave encashment, gratuity and bad debts were remitted for fresh consideration, and penalty under section 271(1)(c) was deleted where the addition arose from a debatable issue. en-us Wed, 01 May 2013 00:00:00 +0530 Fri, 14 Aug 2015 14:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233589 Where sufficient interest-free funds are available, investments are presumed to have been made from those funds, so related interest disallowance under section 36(1)(iii) and the later-year mutual fund disallowance were deleted; under section 14A, only direct expenditure linked to exempt income was sustained. Bad debt claims required reconsideration under the amended law on the basis of write-off in the accounts. The claims for higher depreciation on electrical installations and for foreign travel, credit card and membership fee expenses were not accepted. Book profit adjustments for leave encashment, gratuity and bad debts were remitted for fresh consideration, and penalty under section 271(1)(c) was deleted where the addition arose from a debatable issue. Case-Laws Income Tax Wed, 01 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233589