https://www.taxtmi.com/caselaws?id=800019 Section 14A read with Rule 8D permits disallowance only for expenditure directly connected with earning exempt income. Where surplus own funds sufficiently cover investments generating exempt income, no financial expenditure can be attributed to those investments. In the absence of a demonstrated nexus between expenditure and exempt income, a proportionate or estimated disallowance is unjustified. Application of Rule 8D therefore does not warrant a disallowance on those facts. en-us Tue, 01 Sep 2026 00:00:00 +0530 Wed, 30 Sep 2026 08:41:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800019 Section 14A read with Rule 8D permits disallowance only for expenditure directly connected with earning exempt income. Where surplus own funds sufficiently cover investments generating exempt income, no financial expenditure can be attributed to those investments. In the absence of a demonstrated nexus between expenditure and exempt income, a proportionate or estimated disallowance is unjustified. Application of Rule 8D therefore does not warrant a disallowance on those facts. Case-Laws Income Tax Tue, 01 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800019