https://www.taxtmi.com/caselaws?id=241330 Section 14A read with rule 8D permits determination of expenditure relating to exempt income only after the Assessing Officer examines the accounts and records dissatisfaction with the taxpayer's claim that no such expenditure was incurred. Direct presumptive disallowance without this statutory satisfaction does not meet the condition for invoking rule 8D. Where shipping income is assessed under the tonnage tax scheme and expenditure attributable to taxable business income is distinguishable from exempt dividend income, this supports the need for account-based examination before any disallowance. The disallowance was therefore unsustainable and deleted. en-us Fri, 15 Mar 2013 00:00:00 +0530 Sat, 21 Dec 2013 13:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241330 Section 14A read with rule 8D permits determination of expenditure relating to exempt income only after the Assessing Officer examines the accounts and records dissatisfaction with the taxpayer's claim that no such expenditure was incurred. Direct presumptive disallowance without this statutory satisfaction does not meet the condition for invoking rule 8D. Where shipping income is assessed under the tonnage tax scheme and expenditure attributable to taxable business income is distinguishable from exempt dividend income, this supports the need for account-based examination before any disallowance. The disallowance was therefore unsustainable and deleted. Case-Laws Income Tax Fri, 15 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241330