https://www.taxtmi.com/caselaws?id=183410 Section 14A disallowance required fresh examination because the assessee's Rule 8D computation and claim that interest expense related to taxable business income were not clearly verified; the matter was restored for reconsideration after hearing. Expenditure on the bridge contribution, dredging, salvage and wreck removal, and ship renovation was treated as revenue expenditure because it was incurred to facilitate existing business operations, preserve business efficiency, and did not create a new asset or enduring addition to the profit-making apparatus. The addition for alleged excess iron ore stock was deleted after the assessee's explanation and royalty payment evidence reconciled the discrepancy. en-us Wed, 01 Oct 2014 00:00:00 +0530 Wed, 08 Jun 2016 17:29:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183410 Section 14A disallowance required fresh examination because the assessee's Rule 8D computation and claim that interest expense related to taxable business income were not clearly verified; the matter was restored for reconsideration after hearing. Expenditure on the bridge contribution, dredging, salvage and wreck removal, and ship renovation was treated as revenue expenditure because it was incurred to facilitate existing business operations, preserve business efficiency, and did not create a new asset or enduring addition to the profit-making apparatus. The addition for alleged excess iron ore stock was deleted after the assessee's explanation and royalty payment evidence reconciled the discrepancy. Case-Laws Income Tax Wed, 01 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183410