https://www.taxtmi.com/caselaws?id=470492 Section 14A disallowance under Rule 8D requires the Assessing Officer to record objective satisfaction from the accounts that the taxpayer's own computation of expenditure relating to exempt income is incorrect. The notes state that only investments that actually yielded exempt income may be considered, resulting in deletion of the related disallowance and book-profit adjustment. Lease rentals for motor vehicles used in the ordinary course of business are described as deductible to the lessee, while ownership for depreciation remains with the lessor. The notes state that the relevant disallowances were deleted and the contrary Revenue challenges failed. 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 from the accounts that the taxpayer's own computation of expenditure relating to exempt income is incorrect. The notes state that only investments that actually yielded exempt income may be considered, resulting in deletion of the related disallowance and book-profit adjustment. Lease rentals for motor vehicles used in the ordinary course of business are described as deductible to the lessee, while ownership for depreciation remains with the lessor. The notes state that the relevant disallowances were deleted and the contrary Revenue challenges failed. Case-Laws Income Tax Fri, 29 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470492