https://www.taxtmi.com/caselaws?id=282100 Section 14A read with Rule 8D cannot be applied to disallow expenditure against interest and dividend income eligible for deduction under section 80P(2)(d) when the income arises from long-standing investments with co-operative societies, forms part of gross total income, and is not claimed as exempt income under Chapter III. The Tribunal distinguished deductible income under Chapter VI-A from exempt income, and noted that no direct or indirect expenditure was shown to have been incurred to earn such income from the old investments. The disallowance was therefore unsustainable, and the deletion of the addition was upheld. en-us Fri, 03 Aug 2018 00:00:00 +0530 Mon, 22 Jul 2019 06:26:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282100 Section 14A read with Rule 8D cannot be applied to disallow expenditure against interest and dividend income eligible for deduction under section 80P(2)(d) when the income arises from long-standing investments with co-operative societies, forms part of gross total income, and is not claimed as exempt income under Chapter III. The Tribunal distinguished deductible income under Chapter VI-A from exempt income, and noted that no direct or indirect expenditure was shown to have been incurred to earn such income from the old investments. The disallowance was therefore unsustainable, and the deletion of the addition was upheld. Case-Laws Income Tax Fri, 03 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282100