https://www.taxtmi.com/caselaws?id=234854 A customer base acquired in a going-concern transfer of microfinance business was treated as a depreciable intangible asset, because it constituted a commercially valuable business right falling within the wider expression "business or commercial rights of similar nature" under section 32(1)(ii). Disallowance under section 14A was not sustained on the existing findings, and Rule 8D was noted as inapplicable for the assessment year; the matter required fresh examination of expenditure linked to exempt dividend income. Interest on non-performing assets was not treated as accrued income where recovery was doubtful and RBI prudential norms governed recognition. The question whether interest on loans to the managing director and an employees' welfare trust called for disallowance was remitted for verification of the factual nexus. en-us Fri, 21 Jun 2013 00:00:00 +0530 Mon, 01 Jul 2013 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234854 A customer base acquired in a going-concern transfer of microfinance business was treated as a depreciable intangible asset, because it constituted a commercially valuable business right falling within the wider expression "business or commercial rights of similar nature" under section 32(1)(ii). Disallowance under section 14A was not sustained on the existing findings, and Rule 8D was noted as inapplicable for the assessment year; the matter required fresh examination of expenditure linked to exempt dividend income. Interest on non-performing assets was not treated as accrued income where recovery was doubtful and RBI prudential norms governed recognition. The question whether interest on loans to the managing director and an employees' welfare trust called for disallowance was remitted for verification of the factual nexus. Case-Laws Income Tax Fri, 21 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234854