https://www.taxtmi.com/caselaws?id=345315 The Tribunal upheld the disallowance of &8377; 12,22,441/- under Rule 8D(2)(iii) of the Income Tax Act, emphasizing the statutory presumption of expenditure even when no expenditure is claimed to have been incurred. The Tribunal rejected the argument that there must be a direct nexus between the expenditure and exempt income, citing the need to apply Rule 8D. Previous judgments without Rule 8D were deemed inapplicable, leading to the dismissal of the assessee's appeal. en-us Mon, 03 Apr 2017 00:00:00 +0530 Tue, 11 Jul 2017 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345315 The Tribunal upheld the disallowance of &8377; 12,22,441/- under Rule 8D(2)(iii) of the Income Tax Act, emphasizing the statutory presumption of expenditure even when no expenditure is claimed to have been incurred. The Tribunal rejected the argument that there must be a direct nexus between the expenditure and exempt income, citing the need to apply Rule 8D. Previous judgments without Rule 8D were deemed inapplicable, leading to the dismissal of the assessee's appeal. Case-Laws Income Tax Mon, 03 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345315