https://www.taxtmi.com/caselaws?id=255670 The Tribunal allowed the assessee's appeal regarding the disallowance of provision for losses on derivative contracts, holding it as allowable expenditure. The disallowance under Section 14A was deleted as no exempt income was earned. The Tribunal directed the AO to recompute Minimum Alternate Tax (MAT) credit as per the law. The levy of interest under Section 234B was upheld, but the AO was directed to recompute it. The initiation of penalty proceedings was deemed premature and not maintainable. The assessee's appeal was partly allowed, while the revenue's appeal was dismissed. en-us Fri, 14 Nov 2014 00:00:00 +0530 Fri, 23 Jan 2015 06:32:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255670 The Tribunal allowed the assessee's appeal regarding the disallowance of provision for losses on derivative contracts, holding it as allowable expenditure. The disallowance under Section 14A was deleted as no exempt income was earned. The Tribunal directed the AO to recompute Minimum Alternate Tax (MAT) credit as per the law. The levy of interest under Section 234B was upheld, but the AO was directed to recompute it. The initiation of penalty proceedings was deemed premature and not maintainable. The assessee's appeal was partly allowed, while the revenue's appeal was dismissed. Case-Laws Income Tax Fri, 14 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255670