https://www.taxtmi.com/caselaws?id=186202 Exempt interest accrued on earlier investment in RBI tax free relief bonds did not justify an ad hoc disallowance under section 14A where no borrowing of interest-bearing funds was shown and no actual expenditure was proved to have been incurred to earn the income. The Tribunal also noted that Rule 8D could not be applied to assessment year 2003-04. On that basis, the estimated expenditure disallowance was held unsustainable and deleted. en-us Fri, 28 Jan 2011 00:00:00 +0530 Fri, 09 Sep 2016 17:14:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186202 Exempt interest accrued on earlier investment in RBI tax free relief bonds did not justify an ad hoc disallowance under section 14A where no borrowing of interest-bearing funds was shown and no actual expenditure was proved to have been incurred to earn the income. The Tribunal also noted that Rule 8D could not be applied to assessment year 2003-04. On that basis, the estimated expenditure disallowance was held unsustainable and deleted. Case-Laws Income Tax Fri, 28 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186202