https://www.taxtmi.com/caselaws?id=436597 Electricity charges paid in the names of directors were disallowed because the assessee failed to show that they were incurred for business purposes. Prawn ponds specially designed for aquaculture were treated as plant under the functional test, so depreciation was restricted to the applicable plant and machinery rate rather than allowed at 100%. Disallowance under section 14A read with Rule 8D was sustained because dividend income had been earned and the factual basis for deleting the disallowance was incorrect. Revenue succeeded on the substantive issues. en-us Wed, 08 Mar 2023 00:00:00 +0530 Mon, 17 Apr 2023 08:06:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436597 Electricity charges paid in the names of directors were disallowed because the assessee failed to show that they were incurred for business purposes. Prawn ponds specially designed for aquaculture were treated as plant under the functional test, so depreciation was restricted to the applicable plant and machinery rate rather than allowed at 100%. Disallowance under section 14A read with Rule 8D was sustained because dividend income had been earned and the factual basis for deleting the disallowance was incorrect. Revenue succeeded on the substantive issues. Case-Laws Income Tax Wed, 08 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436597