Month: March 2022

Income Tax Act, 1961 — S. 14-A — Disallowance on expenditure incurred for earning tax-free income in cases where assessees do not maintain separate accounts for the investments and other expenditures incurred for earning the tax-free income

The proportionate disallowance of interest is not warranted under S. 14-A for investments made in tax free bonds/securities which yield tax-free dividend and interest to assessee Banks in those situations…

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