| COURT: | Allahabad High Court |
| CORAM: | D. Y. Chandrachud CJ, P. K. S. Baghel J |
| SECTION(S): | 14A, 37(1), Rule 8D |
| GENRE: | Domestic Tax |
| CATCH WORDS: | business expenditure, capital expenditure, exempt income |
| COUNSEL: | Suyash Agrawal |
| DATE: | November 5, 2014 (Date of pronouncement) |
| DATE: | November 14, 2014 (Date of publication) |
| AY: | 2008-09 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 14A/ Rule 8D: Interest expenditure attributable to a taxable business cannot be disallowed. Expenditure on creating assets which do not belong to the assessee is revenue expenditure | |
(i) Once it was duly established that no borrowed funds on which interest was paid had been invested for earning tax free income, no disallowance was permissible under Section 14A. The Tribunal has observed that under Rule 8D(2)(ii), a proportionate …
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