https://www.taxtmi.com/caselaws?id=256628 Disallowance under section 14A read with Rule 8D was unwarranted because the assessee showed that the investments were old, no fresh investment was made in the year, dividend income was received directly, and the Revenue produced no material of expenditure having a proximate nexus with exempt income; the disallowance was deleted. The corresponding adjustment to book profit under section 115JB also failed because it was entirely dependent on the section 14A disallowance and could not survive independently. The Tribunal further upheld reworking of the written down value and allowance of depreciation in line with earlier appellate orders in the assessee's own case, rejecting the Revenue's objection. en-us Wed, 15 Jan 2014 00:00:00 +0530 Fri, 26 Aug 2016 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256628 Disallowance under section 14A read with Rule 8D was unwarranted because the assessee showed that the investments were old, no fresh investment was made in the year, dividend income was received directly, and the Revenue produced no material of expenditure having a proximate nexus with exempt income; the disallowance was deleted. The corresponding adjustment to book profit under section 115JB also failed because it was entirely dependent on the section 14A disallowance and could not survive independently. The Tribunal further upheld reworking of the written down value and allowance of depreciation in line with earlier appellate orders in the assessee's own case, rejecting the Revenue's objection. Case-Laws Income Tax Wed, 15 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256628