https://www.taxtmi.com/caselaws?id=257121 Sufficient interest-free funds created a presumption that investments yielding exempt income were made from those funds, so no interest disallowance was warranted under section 14A; only the administrative component under rule 8D was sustained. Prior period expenditure was allowable because the liability for the common effluent treatment plant cost crystallised during the year, and the related addition was deleted. Legal fees incurred for securing bail in connection with an offence were hit by the Explanation to section 37(1) and disallowed, while certification charges for directors' net worth, incurred to obtain bank finance, were allowed as business expenditure. en-us Wed, 07 Jan 2015 00:00:00 +0530 Tue, 19 May 2015 13:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257121 Sufficient interest-free funds created a presumption that investments yielding exempt income were made from those funds, so no interest disallowance was warranted under section 14A; only the administrative component under rule 8D was sustained. Prior period expenditure was allowable because the liability for the common effluent treatment plant cost crystallised during the year, and the related addition was deleted. Legal fees incurred for securing bail in connection with an offence were hit by the Explanation to section 37(1) and disallowed, while certification charges for directors' net worth, incurred to obtain bank finance, were allowed as business expenditure. Case-Laws Income Tax Wed, 07 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257121