https://www.taxtmi.com/caselaws?id=198954 For assessment year 2007-08, Rule 8D could not be applied mechanically to section 14A disallowance, though a reasonable factual estimate remained permissible. Section 14A was held inapplicable to computation of book profit under section 115JB. Notional interest on sticky loans was treated as not taxable where no such interest had been accounted for. The disputed outgo relating to foreign buyer's funds and green leaf cess was found unsustainable as an addition. Depreciation on plant and machinery acquired out of NABARD funds was also upheld as allowable, leaving the Revenue without further relief. en-us Fri, 29 Nov 2013 00:00:00 +0530 Wed, 14 Feb 2018 16:48:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198954 For assessment year 2007-08, Rule 8D could not be applied mechanically to section 14A disallowance, though a reasonable factual estimate remained permissible. Section 14A was held inapplicable to computation of book profit under section 115JB. Notional interest on sticky loans was treated as not taxable where no such interest had been accounted for. The disputed outgo relating to foreign buyer's funds and green leaf cess was found unsustainable as an addition. Depreciation on plant and machinery acquired out of NABARD funds was also upheld as allowable, leaving the Revenue without further relief. Case-Laws Income Tax Fri, 29 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198954