https://www.taxtmi.com/caselaws?id=177818 The Tribunal partially allowed the assessee's appeals and dismissed the department's appeals. It directed the AO to re-compute certain disallowances as per its directions. The Tribunal found that Rule 8D was not applicable for the assessment year 2007-08 regarding disallowance of interest payment under Section 14A. It also instructed the AO to re-calculate the profit for deduction purposes on direct trading of mustard oil under Section 80IB, setting a reasonable estimate. The Tribunal upheld the deletion of trading additions under Section 145(3) and disallowance of interest expenses, Section 80IA deduction on Wind Mills, addition under Section 40A, and disallowance of interest expenditure. en-us Thu, 18 Oct 2012 00:00:00 +0530 Mon, 29 Jan 2018 08:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177818 The Tribunal partially allowed the assessee's appeals and dismissed the department's appeals. It directed the AO to re-compute certain disallowances as per its directions. The Tribunal found that Rule 8D was not applicable for the assessment year 2007-08 regarding disallowance of interest payment under Section 14A. It also instructed the AO to re-calculate the profit for deduction purposes on direct trading of mustard oil under Section 80IB, setting a reasonable estimate. The Tribunal upheld the deletion of trading additions under Section 145(3) and disallowance of interest expenses, Section 80IA deduction on Wind Mills, addition under Section 40A, and disallowance of interest expenditure. Case-Laws Income Tax Thu, 18 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177818