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 EXPENDITURE INCURRED IN RELATION TO INCOME NOT INCLUDIBLE IN TOTAL INCOME

March 2, 2024

Interest : Where assessee-bank earned interest income from NABARD bonds which was claimed as exempt under section 10(15) and Assessing Officer disallowed certain amount under section 14A read with rule 8D, since during years under consideration available tax free funds were more than investment made on which exempt income was earned, disallowance made under section 14A read with rule 8D was to be deleted – Bank of Nova Scotia v. Assistant Director of Income-tax (IT)-3(2) – [2024] 160 taxmann.com 10 (Mumbai – Trib.)

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