https://www.taxtmi.com/caselaws?id=414053 An integrated business of handling, storage and transportation of food grains was treated as within the scope of section 80IB(11A), because processing, de-husking, storage and transport were regarded as part of "handling" and aligned with the provision's object of reducing post-harvest losses. Disallowance under section 14A read with Rule 8D was found to require a demonstrable nexus with exempt-income expenditure, and no such nexus was established on the facts relating to share of profit from a partnership firm. Expenses booked as prior period items were nevertheless held allowable as revenue deduction where they were ordinary business expenditure, including input tax adjustment and bank processing charges mistakenly classified in the wrong year. en-us Fri, 22 Oct 2021 00:00:00 +0530 Tue, 26 Oct 2021 14:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414053 An integrated business of handling, storage and transportation of food grains was treated as within the scope of section 80IB(11A), because processing, de-husking, storage and transport were regarded as part of "handling" and aligned with the provision's object of reducing post-harvest losses. Disallowance under section 14A read with Rule 8D was found to require a demonstrable nexus with exempt-income expenditure, and no such nexus was established on the facts relating to share of profit from a partnership firm. Expenses booked as prior period items were nevertheless held allowable as revenue deduction where they were ordinary business expenditure, including input tax adjustment and bank processing charges mistakenly classified in the wrong year. Case-Laws Income Tax Fri, 22 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414053