https://www.taxtmi.com/caselaws?id=280701 Disallowance of expenditure attributable to exempt dividend income under section 14A was held to require a reasonable estimate from the accounts, and mechanical application of Rule 8D was avoided where it produced an excessive and disproportionate result. The proportionate method was accepted as the proper basis for working out relatable expenditure. On section 94(7), the addition was confined to the limited short-term capital loss linked to the dividend receipt, consistent with the statutory consequence accepted on the facts. The material thus states that relief was available on the section 14A computation, while the section 94(7) restriction was sustained only to the limited extent supported by the record. en-us Tue, 20 Oct 2015 00:00:00 +0530 Fri, 17 May 2019 20:38:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280701 Disallowance of expenditure attributable to exempt dividend income under section 14A was held to require a reasonable estimate from the accounts, and mechanical application of Rule 8D was avoided where it produced an excessive and disproportionate result. The proportionate method was accepted as the proper basis for working out relatable expenditure. On section 94(7), the addition was confined to the limited short-term capital loss linked to the dividend receipt, consistent with the statutory consequence accepted on the facts. The material thus states that relief was available on the section 14A computation, while the section 94(7) restriction was sustained only to the limited extent supported by the record. Case-Laws Income Tax Tue, 20 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280701