https://www.taxtmi.com/caselaws?id=416370 No disallowance under section 14A read with rule 8D is sustainable where no exempt income is earned, even if the assessee has made a voluntary estimate-based disallowance. Interest cannot be proportionately disallowed on capital advances when the assessee's own funds exceed the advances and the advance is presumed to have been made from those funds. For section 80IA, the assessee's chosen initial assessment year governs computation, and losses or depreciation already absorbed before that year cannot be notionally brought forward again. Expenditure incurred to maintain vacant land around a windmill for efficient operation may form part of the depreciable cost where it has a direct operational nexus and has been consistently treated as such. en-us Thu, 23 Dec 2021 00:00:00 +0530 Mon, 27 Dec 2021 06:37:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416370 No disallowance under section 14A read with rule 8D is sustainable where no exempt income is earned, even if the assessee has made a voluntary estimate-based disallowance. Interest cannot be proportionately disallowed on capital advances when the assessee's own funds exceed the advances and the advance is presumed to have been made from those funds. For section 80IA, the assessee's chosen initial assessment year governs computation, and losses or depreciation already absorbed before that year cannot be notionally brought forward again. Expenditure incurred to maintain vacant land around a windmill for efficient operation may form part of the depreciable cost where it has a direct operational nexus and has been consistently treated as such. Case-Laws Income Tax Thu, 23 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416370