https://www.taxtmi.com/caselaws?id=414532 Unpaid purchase consideration payable to a property seller may constitute borrowed capital, allowing related interest as a deduction under section 24(b). Expenditure disallowance relating to exempt income under section 14A is limited to the amount of exempt income earned. A notional disallowance computed under section 14A cannot be added back under clause (f) of Explanation 1 when calculating book profit under section 115JB. These principles sustain the taxpayer's interest deduction, cap the exempt-income disallowance, and prevent a corresponding book-profit adjustment. en-us Mon, 25 Oct 2021 00:00:00 +0530 Tue, 09 Nov 2021 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414532 Unpaid purchase consideration payable to a property seller may constitute borrowed capital, allowing related interest as a deduction under section 24(b). Expenditure disallowance relating to exempt income under section 14A is limited to the amount of exempt income earned. A notional disallowance computed under section 14A cannot be added back under clause (f) of Explanation 1 when calculating book profit under section 115JB. These principles sustain the taxpayer's interest deduction, cap the exempt-income disallowance, and prevent a corresponding book-profit adjustment. Case-Laws Income Tax Mon, 25 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414532