https://www.taxtmi.com/caselaws?id=418447 The case involved multiple issues including the disallowance of agriculture income, expenses under Sec. 14A with Rule 8D, depreciation on an ad hoc basis, and legal and professional expenses. The court ruled in favor of the appellant regarding the disallowance of agriculture income, remanding the matter back to the Assessing Officer due to a violation of natural justice principles. However, the disallowance of expenses under Sec. 14A was dismissed as not pressed. The disallowance of depreciation on luxury cars and legal expenses was upheld, emphasizing the lack of business correlation and income, resulting in the dismissal of these grounds. en-us Tue, 08 Feb 2022 00:00:00 +0530 Thu, 17 Feb 2022 07:44:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418447 The case involved multiple issues including the disallowance of agriculture income, expenses under Sec. 14A with Rule 8D, depreciation on an ad hoc basis, and legal and professional expenses. The court ruled in favor of the appellant regarding the disallowance of agriculture income, remanding the matter back to the Assessing Officer due to a violation of natural justice principles. However, the disallowance of expenses under Sec. 14A was dismissed as not pressed. The disallowance of depreciation on luxury cars and legal expenses was upheld, emphasizing the lack of business correlation and income, resulting in the dismissal of these grounds. Case-Laws Income Tax Tue, 08 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418447