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Case Law Details

Case Name : Joint Commissioner of Income Tax (OSD) Vs M/s. Pilani Investment & Industries Corpn. Ltd. (ITAT Kolkata)
Related Assessment Year : 2008-09
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Once it is found that an expense is specifically relatable to a taxable income, as is the undisputed position in this case, no portion of such an expense can be disallowed u/s. 14A. The allocation of general expenses vis-à-vis tax exempt income and taxable income can only be made in respect of expenditure which cannot either be wholly allocated to taxable income, then or which can not be wholly allocated to tax exempt income; the allocation can be made, even on the basis of formula set out in Rule 6D(iii), in respect of such expenses which do not fall any of th

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