https://www.taxtmi.com/caselaws?id=234873 The Tribunal ruled in favor of the assessee on various grounds. The gains from the sale of Deep Discount Bonds were classified as long-term capital gains (LTCG), allowing the deduction under Section 54EC. The salary paid to the company secretary was considered an allowable deduction. Interest expenses were appropriately allocated between taxable and exempt income, leading to the deletion of disallowance. The charging of interest under Section 234B was held to be consequential. The initiation of penalty proceedings under Section 271(1)(c) was deemed premature. Notional accrued interest on optionally fully convertible premium notes was not added to income, benefiting the assessee. en-us Fri, 21 Jun 2013 00:00:00 +0530 Sat, 20 Aug 2016 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234873 The Tribunal ruled in favor of the assessee on various grounds. The gains from the sale of Deep Discount Bonds were classified as long-term capital gains (LTCG), allowing the deduction under Section 54EC. The salary paid to the company secretary was considered an allowable deduction. Interest expenses were appropriately allocated between taxable and exempt income, leading to the deletion of disallowance. The charging of interest under Section 234B was held to be consequential. The initiation of penalty proceedings under Section 271(1)(c) was deemed premature. Notional accrued interest on optionally fully convertible premium notes was not added to income, benefiting the assessee. Case-Laws Income Tax Fri, 21 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234873