https://www.taxtmi.com/caselaws?id=471850 Absence of exempt income precludes disallowance of expenditure under section 14A read with Rule 8D. Under the percentage-completion method, future project costs may determine profit or loss attributable to work completed, but an estimate of total additional loss on incomplete construction projects is not deductible where it has neither accrued nor crystallised, lacks supporting particulars, and depends on costs yet to be incurred. Such a provision is a contingent liability; prior acceptance does not preserve erroneous treatment through consistency. en-us Wed, 26 Jul 2023 00:00:00 +0530 Mon, 21 Sep 2026 11:11:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471850 Absence of exempt income precludes disallowance of expenditure under section 14A read with Rule 8D. Under the percentage-completion method, future project costs may determine profit or loss attributable to work completed, but an estimate of total additional loss on incomplete construction projects is not deductible where it has neither accrued nor crystallised, lacks supporting particulars, and depends on costs yet to be incurred. Such a provision is a contingent liability; prior acceptance does not preserve erroneous treatment through consistency. Case-Laws Income Tax Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471850