https://www.taxtmi.com/caselaws?id=193060 Section 43A could not be applied until the nature and end use of the ECB loan were verified, because the foreign exchange liability must relate to acquisition of an asset from outside India; the exchange difference and processing fee were therefore remanded to the Assessing Officer for fresh examination, with statistical relief to the assessee. For assessment year 2006-07, section 14A disallowance had to be made on a reasonable estimate because rule 8D was not applicable, and the excessive disallowance was reduced, giving partial relief. en-us Thu, 19 Jun 2014 00:00:00 +0530 Wed, 12 Jul 2017 07:03:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193060 Section 43A could not be applied until the nature and end use of the ECB loan were verified, because the foreign exchange liability must relate to acquisition of an asset from outside India; the exchange difference and processing fee were therefore remanded to the Assessing Officer for fresh examination, with statistical relief to the assessee. For assessment year 2006-07, section 14A disallowance had to be made on a reasonable estimate because rule 8D was not applicable, and the excessive disallowance was reduced, giving partial relief. Case-Laws Income Tax Thu, 19 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193060