https://www.taxtmi.com/caselaws?id=340021 Section 14A disallowance cannot be sustained where no exempt income was earned during the relevant year, as the provision applies only to actual income not includible in total income; the assessee's strategic investment position was accepted and the recomputation challenge failed. Warranty provision is allowable only when supported by a fair, scientific and reasonable estimate based on reliable historical data; on the material available, that basis was not established, so the claim failed in principle. However, the exact amount of disallowance required verification, and the matter was remitted for determination of the correct figure. en-us Tue, 21 Feb 2017 00:00:00 +0530 Tue, 14 Mar 2017 09:51:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340021 Section 14A disallowance cannot be sustained where no exempt income was earned during the relevant year, as the provision applies only to actual income not includible in total income; the assessee's strategic investment position was accepted and the recomputation challenge failed. Warranty provision is allowable only when supported by a fair, scientific and reasonable estimate based on reliable historical data; on the material available, that basis was not established, so the claim failed in principle. However, the exact amount of disallowance required verification, and the matter was remitted for determination of the correct figure. Case-Laws Income Tax Tue, 21 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340021