14A. Expenditure incurred
in relation to income not includible in total income.- (1)
For the purposes of computing the total income under this
Chapter, no deduction shall be allowed in respect of expenditure
incurred by the assessee in relation to income which does
not form part of the total income under this Act.
(2) The Assessing Officer shall determine the amount of expenditure
incurred in relation to such income which does not form part
of the total income under this Act in accordance with such
method as may be prescribed , if the Assessing Officer, having
regard to the accounts of the assessee, is not satisfied with
the correctness of the claim of the assessee in respect of
such expenditure in relation to income which does not form
part of the total income under this Act.
(3) The provisions of sub-section (2) shall also apply in
relation to a case where an assessee claims that no expenditure
has been incurred by him in relation to income which does
not form part of the total income under this Act :
Provided that nothing contained in this section shall empower
the Assessing Officer either to reassess under section 147
or pass an order enhancing the assessment or reducing a refund
already made or otherwise increasing the liability of the
assessee under section 154, for any assessment year beginning
on or before the 1st day of April, 2001.
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