https://www.taxtmi.com/caselaws?id=449127 ITAT Delhi ruled on multiple issues: Section 14A disallowance under Rule 8D(2)(ii) was deleted, directing AO to compute only under Rule 8D(2)(iii) for investments earning exempt income. Addition based on seized laptop documents was deleted as dumb documents lack evidentiary value without corroborative evidence and cross-examination opportunity was denied. Education cess claim as business expenditure was dismissed, following precedent that such cess is not allowable deduction. FPS/FMS receipts and interest subsidy under TUFFS were held as capital receipts, not taxable revenue, following established precedents including SC affirmation. en-us Wed, 31 Jan 2024 00:00:00 +0530 Tue, 06 Feb 2024 08:23:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449127 ITAT Delhi ruled on multiple issues: Section 14A disallowance under Rule 8D(2)(ii) was deleted, directing AO to compute only under Rule 8D(2)(iii) for investments earning exempt income. Addition based on seized laptop documents was deleted as dumb documents lack evidentiary value without corroborative evidence and cross-examination opportunity was denied. Education cess claim as business expenditure was dismissed, following precedent that such cess is not allowable deduction. FPS/FMS receipts and interest subsidy under TUFFS were held as capital receipts, not taxable revenue, following established precedents including SC affirmation. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449127