https://www.taxtmi.com/caselaws?id=407362 Under section 14A read with Rule 8D, the investment base for disallowance is confined to investments having a nexus with exempt income, so investments that did not yield exempt income were excluded from the computation. Education cess paid on income-tax was held to fall outside section 40(a)(ii), which disallows rates or taxes on business profits but does not expressly cover cess, and the deduction was therefore allowable in business income. The appellate authorities were also treated as competent to entertain the claim even though it was not made in the original return. en-us Wed, 07 Apr 2021 00:00:00 +0530 Sat, 08 May 2021 08:18:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407362 Under section 14A read with Rule 8D, the investment base for disallowance is confined to investments having a nexus with exempt income, so investments that did not yield exempt income were excluded from the computation. Education cess paid on income-tax was held to fall outside section 40(a)(ii), which disallows rates or taxes on business profits but does not expressly cover cess, and the deduction was therefore allowable in business income. The appellate authorities were also treated as competent to entertain the claim even though it was not made in the original return. Case-Laws Income Tax Wed, 07 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407362