https://www.taxtmi.com/caselaws?id=309726 A chit fund foreman's payment for defaulting prized subscribers was treated as a business loss linked to statutory obligations and business protection, so the disallowance was not sustainable. For section 14A, Rule 8D was held inapplicable to assessment year 2007-08, and only a reasonable, objective disallowance could be made on the basis of exempt income-related expenditure. Royalty paid for non-exclusive use of a logo, calculated by turnover and not conferring transferable proprietary rights, was held to be revenue expenditure, so the addition was deleted. en-us Tue, 08 May 2012 00:00:00 +0530 Tue, 19 Sep 2023 15:08:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309726 A chit fund foreman's payment for defaulting prized subscribers was treated as a business loss linked to statutory obligations and business protection, so the disallowance was not sustainable. For section 14A, Rule 8D was held inapplicable to assessment year 2007-08, and only a reasonable, objective disallowance could be made on the basis of exempt income-related expenditure. Royalty paid for non-exclusive use of a logo, calculated by turnover and not conferring transferable proprietary rights, was held to be revenue expenditure, so the addition was deleted. Case-Laws Income Tax Tue, 08 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309726