https://www.taxtmi.com/caselaws?id=466152 Disallowance of expenses alleged to relate to earning exempt income was found to be improperly computed by applying a formulaic rule without valid dissatisfaction where financial statements showed sufficient interest-free own funds, invoking the presumption that own funds financed investments and negating interest disallowance; the disallowance was deleted. Separately, treating an income figure purportedly computed under an initial intimation as the starting point for scrutiny assessment was held impermissible where no intimation was served, rendering an addition under the assessment procedure unsustainable and resulting in its deletion to avoid double addition. en-us Fri, 07 Feb 2025 00:00:00 +0530 Tue, 27 Jan 2026 15:07:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466152 Disallowance of expenses alleged to relate to earning exempt income was found to be improperly computed by applying a formulaic rule without valid dissatisfaction where financial statements showed sufficient interest-free own funds, invoking the presumption that own funds financed investments and negating interest disallowance; the disallowance was deleted. Separately, treating an income figure purportedly computed under an initial intimation as the starting point for scrutiny assessment was held impermissible where no intimation was served, rendering an addition under the assessment procedure unsustainable and resulting in its deletion to avoid double addition. Case-Laws Income Tax Fri, 07 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466152