https://www.taxtmi.com/caselaws?id=306356 A school contribution was held non-deductible because the assessee failed to show a direct business nexus, while tax recovered from power purchasers was treated as part of tariff receipts and taxed as income. For years before rule 8D became applicable, section 14A disallowance had to be made on a reasonable basis, and the Assessing Officer's method was accepted on the facts. Interest on employee loans and margin money deposits was treated as business income. The question whether income-tax recoverable enters book profit under section 115JB was remanded for fresh consideration in light of the earlier order and the retrospective amendment. en-us Fri, 12 Jul 2013 00:00:00 +0530 Tue, 24 Jan 2023 11:52:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306356 A school contribution was held non-deductible because the assessee failed to show a direct business nexus, while tax recovered from power purchasers was treated as part of tariff receipts and taxed as income. For years before rule 8D became applicable, section 14A disallowance had to be made on a reasonable basis, and the Assessing Officer's method was accepted on the facts. Interest on employee loans and margin money deposits was treated as business income. The question whether income-tax recoverable enters book profit under section 115JB was remanded for fresh consideration in light of the earlier order and the retrospective amendment. Case-Laws Income Tax Fri, 12 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306356