https://www.taxtmi.com/caselaws?id=470491 Expenditure disallowance relating to exempt income under Section 14A read with Rule 8D was described as unsustainable because earlier orders in the taxpayer's own case, including one approved by the jurisdictional High Court, supported its deletion. Mark-to-market loss on shares acquired through underwriting was deductible where the shares were consistently treated as stock-in-trade, valued at lower of cost or market value, and prior revaluation gains had been taxed. The source of acquisition did not change their trading character. As no Section 14A disallowance arose under normal provisions, no corresponding adjustment could be made to book profit under Section 115JB. en-us Fri, 26 Jul 2019 00:00:00 +0530 Wed, 29 Jul 2026 14:56:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470491 Expenditure disallowance relating to exempt income under Section 14A read with Rule 8D was described as unsustainable because earlier orders in the taxpayer's own case, including one approved by the jurisdictional High Court, supported its deletion. Mark-to-market loss on shares acquired through underwriting was deductible where the shares were consistently treated as stock-in-trade, valued at lower of cost or market value, and prior revaluation gains had been taxed. The source of acquisition did not change their trading character. As no Section 14A disallowance arose under normal provisions, no corresponding adjustment could be made to book profit under Section 115JB. Case-Laws Income Tax Fri, 26 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470491