https://www.taxtmi.com/caselaws?id=467126 Excess expenditure incurred to repair, renovate and reinstall business plant after a fire was held allowable as business expenditure under the Income-tax Act because it was necessary to restore and resume operations. A disallowance computed by reference to Rule 8D for exempt-income-related expenditure was held unsustainable where the assessee earned no exempt income in the year. A large disallowance composed of interest on delayed payments, prior period items and other entries was not accepted on the record and was remitted to the Assessing Officer for reconciliation, verification and fresh decision. en-us Fri, 21 Feb 2025 00:00:00 +0530 Thu, 05 Mar 2026 17:33:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467126 Excess expenditure incurred to repair, renovate and reinstall business plant after a fire was held allowable as business expenditure under the Income-tax Act because it was necessary to restore and resume operations. A disallowance computed by reference to Rule 8D for exempt-income-related expenditure was held unsustainable where the assessee earned no exempt income in the year. A large disallowance composed of interest on delayed payments, prior period items and other entries was not accepted on the record and was remitted to the Assessing Officer for reconciliation, verification and fresh decision. Case-Laws Income Tax Fri, 21 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467126