https://www.taxtmi.com/caselaws?id=326801 The Tribunal upheld the disallowance of expenditure for earning exempted income under Rule 8D, even when no borrowed funds were used. The reopening of assessment for the year 2004-05 under section 147 was deemed justified due to the non-inclusion of a bad debt provision in book profit. Additionally, the Tribunal confirmed the rectification of an arithmetical error in adjusting brought forward losses against book profit under section 154. Ultimately, all appeals by the assessee were dismissed, with the Tribunal affirming the decisions of the lower authorities. en-us Fri, 01 Apr 2016 00:00:00 +0530 Mon, 25 Apr 2016 12:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326801 The Tribunal upheld the disallowance of expenditure for earning exempted income under Rule 8D, even when no borrowed funds were used. The reopening of assessment for the year 2004-05 under section 147 was deemed justified due to the non-inclusion of a bad debt provision in book profit. Additionally, the Tribunal confirmed the rectification of an arithmetical error in adjusting brought forward losses against book profit under section 154. Ultimately, all appeals by the assessee were dismissed, with the Tribunal affirming the decisions of the lower authorities. Case-Laws Income Tax Fri, 01 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326801