https://www.taxtmi.com/caselaws?id=242808 The appeal by the assessee was partly allowed for statistical purposes, with the Tribunal directing the AO to verify the facts regarding the interest income. The Tribunal upheld the CIT(A)'s decisions on the disallowance of deduction under Section 10B for interest income not related to core business activity, the upward adjustment made by the TPO to the arm's-length price, and the disallowance of guarantee charges paid by the assessee. The Tribunal also affirmed the CIT(A)'s reduction of disallowance under Section 14A for interest expenditure based on a reasonable formula, dismissing the Revenue's appeal. en-us Wed, 08 Jan 2014 00:00:00 +0530 Tue, 21 Jan 2014 06:30:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242808 The appeal by the assessee was partly allowed for statistical purposes, with the Tribunal directing the AO to verify the facts regarding the interest income. The Tribunal upheld the CIT(A)'s decisions on the disallowance of deduction under Section 10B for interest income not related to core business activity, the upward adjustment made by the TPO to the arm's-length price, and the disallowance of guarantee charges paid by the assessee. The Tribunal also affirmed the CIT(A)'s reduction of disallowance under Section 14A for interest expenditure based on a reasonable formula, dismissing the Revenue's appeal. Case-Laws Income Tax Wed, 08 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242808