Court Rules Section 14A Disallowance Must Not Include Essential Corporate Expenses; Rule 8D(2)(iii) Applied Unreasonably.

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....Disallowance u/s 14A - The expenses inter alia included items such audit fees, ROC expenses etc. which were required to be incurred to maintain corporate identity of the appellant. Such expenses were required to be incurred irrespective whether tax free or taxable income was earned - mechanical application of Rule 8D(2)(iii) in the present case leads to absurd results.....