https://www.taxtmi.com/caselaws?id=436505 A disallowance for exempt-income expenditure requires the Assessing Officer to examine the accounts and record objective satisfaction that the assessee's claim of no expenditure is incorrect before invoking Rule 8D; absent that statutory satisfaction, the disallowance is not sustainable. Interest for deferment of advance tax under section 234C is to be computed on returned income, not assessed income, so the levy must be recomputed accordingly. en-us Wed, 12 Apr 2023 00:00:00 +0530 Thu, 13 Apr 2023 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436505 A disallowance for exempt-income expenditure requires the Assessing Officer to examine the accounts and record objective satisfaction that the assessee's claim of no expenditure is incorrect before invoking Rule 8D; absent that statutory satisfaction, the disallowance is not sustainable. Interest for deferment of advance tax under section 234C is to be computed on returned income, not assessed income, so the levy must be recomputed accordingly. Case-Laws Income Tax Wed, 12 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436505