https://www.taxtmi.com/caselaws?id=445741 Section 14A disallowance cannot exceed exempt income earned during the relevant year; the Finance Act 2022 Explanation does not apply retrospectively to the assessment year concerned. Buses used to carry passengers under permits qualify for higher depreciation as vehicles run on hire, since passenger transport for consideration constitutes such use. Receipts linked to a percentage of gross sales may require examination as business income from an adventure in the nature of trade, considering contractual terms, commercial risk and property exploitation; this issue requires fresh adjudication where agreements are unavailable. Cost-of-improvement expenditure requires verification to prevent double allowance where it may have been claimed earlier. en-us Wed, 09 Aug 2023 00:00:00 +0530 Fri, 17 Nov 2023 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445741 Section 14A disallowance cannot exceed exempt income earned during the relevant year; the Finance Act 2022 Explanation does not apply retrospectively to the assessment year concerned. Buses used to carry passengers under permits qualify for higher depreciation as vehicles run on hire, since passenger transport for consideration constitutes such use. Receipts linked to a percentage of gross sales may require examination as business income from an adventure in the nature of trade, considering contractual terms, commercial risk and property exploitation; this issue requires fresh adjudication where agreements are unavailable. Cost-of-improvement expenditure requires verification to prevent double allowance where it may have been claimed earlier. Case-Laws Income Tax Wed, 09 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445741