https://www.taxtmi.com/caselaws?id=192804 Section 14A disallowance could not be sustained in full where the assessee had taxable business income and positive net interest income, because the interest expenditure was not shown to have been incurred for earning exempt dividend income. Administrative expenses, however, could be attributed to exempt income on the facts, but only to a reasonable extent and not by a blanket rule. The ITAT therefore restricted the disallowance to 10% of the administrative expenses and rejected the interest component, holding that the addition had to rest on factual and reasonable estimation rather than full disallowance. en-us Wed, 17 Sep 2014 00:00:00 +0530 Thu, 22 Jun 2017 09:20:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192804 Section 14A disallowance could not be sustained in full where the assessee had taxable business income and positive net interest income, because the interest expenditure was not shown to have been incurred for earning exempt dividend income. Administrative expenses, however, could be attributed to exempt income on the facts, but only to a reasonable extent and not by a blanket rule. The ITAT therefore restricted the disallowance to 10% of the administrative expenses and rejected the interest component, holding that the addition had to rest on factual and reasonable estimation rather than full disallowance. Case-Laws Income Tax Wed, 17 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192804