https://www.taxtmi.com/caselaws?id=795802 Section 14A read with Rule 8D permits additional exempt-income expenditure disallowance only after the Assessing Officer records objective dissatisfaction, based on the accounts, with the taxpayer's own disallowance. Shares consistently treated as stock-in-trade may be valued at cost or market value, whichever is lower, making mark-to-market loss allowable where the treatment has been accepted in earlier years and facts remain unchanged. ESOP discount is revenue employee expenditure incurred for business purposes, deductible only for shares ultimately allotted. Where the related disallowances fail under normal provisions, corresponding book-profit adjustments under Section 115JB cannot be sustained. en-us Fri, 22 May 2026 00:00:00 +0530 Tue, 28 Jul 2026 08:30:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795802 Section 14A read with Rule 8D permits additional exempt-income expenditure disallowance only after the Assessing Officer records objective dissatisfaction, based on the accounts, with the taxpayer's own disallowance. Shares consistently treated as stock-in-trade may be valued at cost or market value, whichever is lower, making mark-to-market loss allowable where the treatment has been accepted in earlier years and facts remain unchanged. ESOP discount is revenue employee expenditure incurred for business purposes, deductible only for shares ultimately allotted. Where the related disallowances fail under normal provisions, corresponding book-profit adjustments under Section 115JB cannot be sustained. Case-Laws Income Tax Fri, 22 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795802