https://www.taxtmi.com/caselaws?id=331998 Agricultural income cannot be treated as income from other sources merely because evidence for the relevant year is incomplete; actual agricultural activity must be examined against the statutory definition, and the matter was remitted for de novo adjudication. Under section 14A read with rule 8D, where the assessee's own funds exceeded the investments yielding exempt income, the presumption was that the investments came from own funds, so the interest component of the disallowance was deleted. For indirect expenditure, a mechanical percentage disallowance was not justified on the facts, and the disallowance was restricted to a nominal amount. en-us Thu, 28 Jul 2016 00:00:00 +0530 Wed, 07 Sep 2016 11:42:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331998 Agricultural income cannot be treated as income from other sources merely because evidence for the relevant year is incomplete; actual agricultural activity must be examined against the statutory definition, and the matter was remitted for de novo adjudication. Under section 14A read with rule 8D, where the assessee's own funds exceeded the investments yielding exempt income, the presumption was that the investments came from own funds, so the interest component of the disallowance was deleted. For indirect expenditure, a mechanical percentage disallowance was not justified on the facts, and the disallowance was restricted to a nominal amount. Case-Laws Income Tax Thu, 28 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331998