https://www.taxtmi.com/caselaws?id=196525 Section 14A disallowance under rule 8D was unsustainable where the assessee had sufficient interest-free funds and no material showed a nexus between borrowed funds and exempt income; the presumption favoured investment from interest-free resources, so the disallowance failed. For deduction on advances made by rural branches, eligibility under the rural branch definition had to be tested by reference to published census figures, not unpublished data; the claim was therefore confined to published census material and accepted for Revenue on that point. en-us Fri, 19 May 2017 00:00:00 +0530 Mon, 04 Dec 2017 21:08:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196525 Section 14A disallowance under rule 8D was unsustainable where the assessee had sufficient interest-free funds and no material showed a nexus between borrowed funds and exempt income; the presumption favoured investment from interest-free resources, so the disallowance failed. For deduction on advances made by rural branches, eligibility under the rural branch definition had to be tested by reference to published census figures, not unpublished data; the claim was therefore confined to published census material and accepted for Revenue on that point. Case-Laws Income Tax Fri, 19 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196525