https://www.taxtmi.com/caselaws?id=354051 Disallowance under section 14A read with Rule 8D should not exceed the exempt income earned, and the adjustment was restricted accordingly. Estimated disallowance from repairs and maintenance expenses was considered excessive on the record and was scaled down to 5% of the expenditure. The surrender value of a keyman insurance policy, where the policy had a business nexus with tea growing and manufacturing and the premium had earlier been allowed as a deduction, was treated as part of composite income under Rule 8 rather than as separate fully chargeable income. en-us Wed, 03 Jan 2018 00:00:00 +0530 Wed, 17 Jan 2018 12:02:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354051 Disallowance under section 14A read with Rule 8D should not exceed the exempt income earned, and the adjustment was restricted accordingly. Estimated disallowance from repairs and maintenance expenses was considered excessive on the record and was scaled down to 5% of the expenditure. The surrender value of a keyman insurance policy, where the policy had a business nexus with tea growing and manufacturing and the premium had earlier been allowed as a deduction, was treated as part of composite income under Rule 8 rather than as separate fully chargeable income. Case-Laws Income Tax Wed, 03 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354051