https://www.taxtmi.com/caselaws?id=354114 Railway overloading charges were treated as additional freight and not as a payment for an offence or prohibited act, so they fell outside the Explanation to section 37(1) and were allowable as business expenditure. In the section 14A read with Rule 8D computation, no interest disallowance was warranted because the assessee's own funds exceeded the investments, and the administrative component had to be recomputed by excluding investments that did not yield exempt income during the year. The Revenue's challenge therefore failed, and the relief granted to the assessee was sustained. en-us Wed, 10 Jan 2018 00:00:00 +0530 Wed, 17 Jan 2018 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354114 Railway overloading charges were treated as additional freight and not as a payment for an offence or prohibited act, so they fell outside the Explanation to section 37(1) and were allowable as business expenditure. In the section 14A read with Rule 8D computation, no interest disallowance was warranted because the assessee's own funds exceeded the investments, and the administrative component had to be recomputed by excluding investments that did not yield exempt income during the year. The Revenue's challenge therefore failed, and the relief granted to the assessee was sustained. Case-Laws Income Tax Wed, 10 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354114