https://www.taxtmi.com/caselaws?id=462763 Under section 14A read with rule 8D, shares held as stock-in-trade are to be excluded from a blanket disallowance because the dominant activity is trading and any dividend is incidental; the Assessing Officer was directed to recompute the disallowance accordingly. For the same provision, only investments that actually yielded exempt income can be considered, since disallowance is confined to expenditure having a nexus with exempt income; the computation was to be restricted on that basis. The disallowance was set aside for fresh computation in line with these principles. en-us Wed, 16 Oct 2024 00:00:00 +0530 Mon, 14 Jul 2025 16:59:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462763 Under section 14A read with rule 8D, shares held as stock-in-trade are to be excluded from a blanket disallowance because the dominant activity is trading and any dividend is incidental; the Assessing Officer was directed to recompute the disallowance accordingly. For the same provision, only investments that actually yielded exempt income can be considered, since disallowance is confined to expenditure having a nexus with exempt income; the computation was to be restricted on that basis. The disallowance was set aside for fresh computation in line with these principles. Case-Laws Income Tax Wed, 16 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462763