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of ITAT directed deletion of the excess disallowance of aggregate short-term capital loss, holding the correct loss on the listed scrip at Rs.73,26,040 and remitting the issue to the AO for de novo examination with mandatory opportunity of hearing and disclosure of material; the AO was ordered to delete the remainder of the impugned disallowance. Penalty payments aggregating Rs.34,71,274 were held deductible as contractual breach fines, not penalties under law. Disallowance under section 14A read with Rule 8D was deleted for computation of book profits under s.115JB. Subsidies (SHIS/FPS) and proceeds from carbon credits were held to be capital/ non-taxable receipts and excluded from s.115JB book profit.
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