https://www.taxtmi.com/caselaws?id=215155 The ITAT, Chennai held that a Section 14A disallowance on exempt dividend income could be restricted to 2% on a reasonable estimate, and the Revenue failed to dislodge that finding. It further held that exchange difference connected with sale realisation was includible in business profits for Section 80HHC, and that entry tax paid on raw materials and inputs was allowable under Section 43B on actual payment. Reassessment under Section 147 beyond four years was also invalid because the recorded reasons did not show failure to disclose material facts and the reopening was based on a mere change of opinion. en-us Fri, 25 May 2012 00:00:00 +0530 Wed, 13 Apr 2016 15:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215155 The ITAT, Chennai held that a Section 14A disallowance on exempt dividend income could be restricted to 2% on a reasonable estimate, and the Revenue failed to dislodge that finding. It further held that exchange difference connected with sale realisation was includible in business profits for Section 80HHC, and that entry tax paid on raw materials and inputs was allowable under Section 43B on actual payment. Reassessment under Section 147 beyond four years was also invalid because the recorded reasons did not show failure to disclose material facts and the reopening was based on a mere change of opinion. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215155