https://www.taxtmi.com/caselaws?id=121520 The Tribunal allowed the assessee's appeals for statistical purposes, directing the AO to re-examine the issues of MODVAT credit and disallowance under section 14A as per detailed guidelines provided. The claim for deduction under section 80-IA/80-IB was allowed based on the interpretation that hiring machinery does not constitute a transfer of previously used machinery. The Tribunal emphasized the correct application of section 145A regarding adjustments to stock values and compliance with section 14A and rule 8D for determining expenditure related to exempt income. en-us Thu, 12 Mar 2009 00:00:00 +0530 Tue, 31 Jul 2012 23:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121520 The Tribunal allowed the assessee's appeals for statistical purposes, directing the AO to re-examine the issues of MODVAT credit and disallowance under section 14A as per detailed guidelines provided. The claim for deduction under section 80-IA/80-IB was allowed based on the interpretation that hiring machinery does not constitute a transfer of previously used machinery. The Tribunal emphasized the correct application of section 145A regarding adjustments to stock values and compliance with section 14A and rule 8D for determining expenditure related to exempt income. Case-Laws Income Tax Thu, 12 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121520