Circular of CBDT on Section 14A too much delayed and an afterthought in a half hearted and prejudiced manner – section 14A should apply when any income is not taxed directly or indirectly like agricultural income or interest on tax free investments or securities. https://www.taxtmi.com/article/detailed?id=5485 The statutory disallowance for expenditure related to income not forming part of the total income under the Act applies only to incomes not chargeable to tax in any manner under the Act. The Assessing Officer may determine disallowable expenditure solely in respect of such non-chargeable incomes, and administrative guidance that extends the provision to years where the assessee has no exempt receipts or to incomes taxed under alternative collection schemes misreads the statutory language. en-us Mon, 17 Feb 2014 12:23:57 +0530 Mon, 17 Feb 2014 12:23:57 +0530 TaxTMI RSS Generator Circular of CBDT on Section 14A too much delayed and an afterthought in a half hearted and prejudiced manner – section 14A should apply when any income is not taxed directly or indirectly like agricultural income or interest on tax free investments or securities. https://www.taxtmi.com/article/detailed?id=5485 The statutory disallowance for expenditure related to income not forming part of the total income under the Act applies only to incomes not chargeable to tax in any manner under the Act. The Assessing Officer may determine disallowable expenditure solely in respect of such non-chargeable incomes, and administrative guidance that extends the provision to years where the assessee has no exempt receipts or to incomes taxed under alternative collection schemes misreads the statutory language. Articles Income Tax Mon, 17 Feb 2014 12:23:57 +0530 https://www.taxtmi.com/article/detailed?id=5485