https://www.taxtmi.com/caselaws?id=470492 Section 14A disallowance under Rule 8D requires the Assessing Officer to record objective satisfaction, having regard to the accounts, that the taxpayer's own computation of expenditure relating to exempt income is incorrect. Disallowance must also be confined to investments that actually yielded exempt income, resulting in deletion of the related disallowance and corresponding book-profit adjustment. Lease rentals for motor vehicles used in the ordinary course of business are deductible by the lessee. As ownership of leased assets remains with the lessor for depreciation purposes, lease-rental deductions are allowable to the lessee. en-us Fri, 29 Oct 2021 00:00:00 +0530 Wed, 29 Jul 2026 14:56:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470492 Section 14A disallowance under Rule 8D requires the Assessing Officer to record objective satisfaction, having regard to the accounts, that the taxpayer's own computation of expenditure relating to exempt income is incorrect. Disallowance must also be confined to investments that actually yielded exempt income, resulting in deletion of the related disallowance and corresponding book-profit adjustment. Lease rentals for motor vehicles used in the ordinary course of business are deductible by the lessee. As ownership of leased assets remains with the lessor for depreciation purposes, lease-rental deductions are allowable to the lessee. Case-Laws Income Tax Fri, 29 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470492