https://www.taxtmi.com/caselaws?id=244944 The Tribunal directed the AO to delete the addition of the closing balance of customer advances and disallow the TDS credit claimed by the assessee. The issue of disallowance under Section 14A of the Income-tax Act was set aside for verification by the AO regarding the use of borrowed funds for investments and recompute administrative expenses disallowance. Community development expenses were allowed as per the CIT(A)'s order. The levy of interest under Section 234B was deemed mandatory. The provision for warranties was directed to be disallowed for the current year but not taxed on reversal in the subsequent year. Recomputation of book profits under Section 115JB was ordered after considering the outcome of the disallowance under Section 14A. en-us Fri, 21 Feb 2014 00:00:00 +0530 Thu, 13 Mar 2014 08:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244944 The Tribunal directed the AO to delete the addition of the closing balance of customer advances and disallow the TDS credit claimed by the assessee. The issue of disallowance under Section 14A of the Income-tax Act was set aside for verification by the AO regarding the use of borrowed funds for investments and recompute administrative expenses disallowance. Community development expenses were allowed as per the CIT(A)'s order. The levy of interest under Section 234B was deemed mandatory. The provision for warranties was directed to be disallowed for the current year but not taxed on reversal in the subsequent year. Recomputation of book profits under Section 115JB was ordered after considering the outcome of the disallowance under Section 14A. Case-Laws Income Tax Fri, 21 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244944