https://www.taxtmi.com/caselaws?id=273262 Expenditure on repairs and renovation of a bungalow was treated as revenue business expenditure because it arose from a genuine family and business settlement intended to ensure smooth carrying on of the business; the earlier statement in search was not conclusive on a pure question of law, and the claim was accepted on commercial expediency. A disallowance under section 14A was also rejected because the assessee's own funds and reserves exceeded the exempt-income investments, and the revenue failed to show a direct nexus between any specific expenditure and exempt income. Relief was therefore granted on both issues. en-us Wed, 30 Nov 2016 00:00:00 +0530 Wed, 13 Jun 2018 20:56:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273262 Expenditure on repairs and renovation of a bungalow was treated as revenue business expenditure because it arose from a genuine family and business settlement intended to ensure smooth carrying on of the business; the earlier statement in search was not conclusive on a pure question of law, and the claim was accepted on commercial expediency. A disallowance under section 14A was also rejected because the assessee's own funds and reserves exceeded the exempt-income investments, and the revenue failed to show a direct nexus between any specific expenditure and exempt income. Relief was therefore granted on both issues. Case-Laws Income Tax Wed, 30 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273262