https://www.taxtmi.com/caselaws?id=283535 The ITAT Chandigarh reiterated that, where expenditure relatable to exempt income is not separately identifiable, a reasonable estimate under section 14A may be made and the 2.5% disallowance was sustained. It also held that recoveries of bad debts are taxable when the assessee does not show that the recovered amounts fall outside the recovery provisions, and upheld the addition. Prior period expense claims and unreconciled inter bank/inter branch entries required factual verification, so both matters were remanded for fresh adjudication. The Tribunal further treated long-outstanding NOSTRO-blocked account balances as unclaimed amounts that had acquired the character of income, and sustained the addition. en-us Wed, 16 May 2012 00:00:00 +0530 Fri, 27 Sep 2019 14:58:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283535 The ITAT Chandigarh reiterated that, where expenditure relatable to exempt income is not separately identifiable, a reasonable estimate under section 14A may be made and the 2.5% disallowance was sustained. It also held that recoveries of bad debts are taxable when the assessee does not show that the recovered amounts fall outside the recovery provisions, and upheld the addition. Prior period expense claims and unreconciled inter bank/inter branch entries required factual verification, so both matters were remanded for fresh adjudication. The Tribunal further treated long-outstanding NOSTRO-blocked account balances as unclaimed amounts that had acquired the character of income, and sustained the addition. Case-Laws Income Tax Wed, 16 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283535