https://www.taxtmi.com/caselaws?id=798358 Absence of exempt income precludes disallowance of expenditure relating to exempt income. Where appropriate tax has been deducted on payments, deduction under a withholding provision regarded as incorrect does not justify expenditure disallowance when the order treating the taxpayer as in default has been set aside. Expenditure disallowed under the exempt-income provisions is not required to be added back in computing book profit under the relevant minimum alternate tax adjustment. The asserted disallowances concerning exempt-income expenditure, tax withholding classification and book-profit computation are therefore unsustainable. en-us Wed, 08 Jul 2026 00:00:00 +0530 Sat, 05 Sep 2026 08:44:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798358 Absence of exempt income precludes disallowance of expenditure relating to exempt income. Where appropriate tax has been deducted on payments, deduction under a withholding provision regarded as incorrect does not justify expenditure disallowance when the order treating the taxpayer as in default has been set aside. Expenditure disallowed under the exempt-income provisions is not required to be added back in computing book profit under the relevant minimum alternate tax adjustment. The asserted disallowances concerning exempt-income expenditure, tax withholding classification and book-profit computation are therefore unsustainable. Case-Laws Income Tax Wed, 08 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798358