https://www.taxtmi.com/caselaws?id=413810 Section 14A read with rule 8D required fresh examination because exempt interest and dividend income was earned, but the earlier authority had not verified whether own funds were sufficient or whether any direct expenditure was incurred; the matter was remanded to the Assessing Officer. Depreciation on investments in securities was allowed because the jurisdictional High Court precedent supported depreciation on securities held for trading and available for sale, and that view was upheld. Amortization of premium on investments was also allowed on the basis of earlier Tribunal decisions, including the assessee's own case. Relief on education fund, subscription and benevolent fund payments was vacated because those amounts had not been disallowed by the Assessing Officer and no surviving addition existed for appellate relief. en-us Thu, 16 Sep 2021 00:00:00 +0530 Thu, 21 Oct 2021 08:17:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413810 Section 14A read with rule 8D required fresh examination because exempt interest and dividend income was earned, but the earlier authority had not verified whether own funds were sufficient or whether any direct expenditure was incurred; the matter was remanded to the Assessing Officer. Depreciation on investments in securities was allowed because the jurisdictional High Court precedent supported depreciation on securities held for trading and available for sale, and that view was upheld. Amortization of premium on investments was also allowed on the basis of earlier Tribunal decisions, including the assessee's own case. Relief on education fund, subscription and benevolent fund payments was vacated because those amounts had not been disallowed by the Assessing Officer and no surviving addition existed for appellate relief. Case-Laws Income Tax Thu, 16 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413810