The ITAT addressed various issues including disallowance u/s 14A...

The ITAT addressed various issues including disallowance u/s 14A r.w.r.8D, where Revenue challenged deletion of disallowance made by AO. ITAT upheld CIT(A)'s decision, finding AO incorrectly treated expenses as direct, supporting Assessee's claim. CIT(A) correctly presumed investments made from interest-free funds. AO erred in not accepting Assessee's computation of disallowance, hence ITAT deleted disallowance u/s 14A. ITAT allowed Assessee's fresh claim for deduction u/s 37(1) for ERV loss, remanding for verification. ITAT upheld deduction of establishment expenses as revenue expenditure. ITAT dismissed Revenue's appeal on inclusion of ERV in inventory valuation. ITAT upheld CIT(A)'s order on Book Profits u/s 115JB and provision for Leave Encashment u/s 43B(f). ITAT supported Assessee's additional claim for ERV loss deduction, finding AO's rejection erroneous post accepting revised return.