https://www.taxtmi.com/caselaws?id=795935 Section 14A read with Rule 8D does not support expenditure disallowance where no exempt income is earned or claimed. Consequently, a corresponding adjustment to book profit under Section 115JB(2) does not arise where the Section 14A disallowance fails, particularly when book profit is negative. The notes also address mark-to-market losses on foreign-currency swap contracts used to reduce borrowing costs: where the loss is consistently recognised under Accounting Standard-11, with corresponding gains offered to tax, exchange fluctuation on outstanding contracts is treated as an accrued liability rather than a contingent or hypothetical loss and is deductible. en-us Thu, 16 Jul 2026 00:00:00 +0530 Wed, 29 Jul 2026 08:21:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795935 Section 14A read with Rule 8D does not support expenditure disallowance where no exempt income is earned or claimed. Consequently, a corresponding adjustment to book profit under Section 115JB(2) does not arise where the Section 14A disallowance fails, particularly when book profit is negative. The notes also address mark-to-market losses on foreign-currency swap contracts used to reduce borrowing costs: where the loss is consistently recognised under Accounting Standard-11, with corresponding gains offered to tax, exchange fluctuation on outstanding contracts is treated as an accrued liability rather than a contingent or hypothetical loss and is deductible. Case-Laws Income Tax Thu, 16 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795935