Disallowance U/s.14A can not be made for Depreciation and for deduction allowable to Assessee under chapter VIA of the Income Tax Act, 1961

Depreciation is admittedly in the nature of allowance and, therefore, it cannot be subject matter of dis allowance under section 14A, which must remain confined to expenditure incurred by the assessee. Similarly, as far as deduction under section 80D is concerned, it cannot be subject matter of dis allowance under section 14A either. The deduction under section 80D is not admissible because it is an expenditure for the purpose of earning an income but because, by virtue of specific provision under section 80D, payment of premium of health insurance, which is inherently personal expenses of the...