https://www.taxtmi.com/caselaws?id=270960 The Tribunal allowed the deduction for excess claimed under Section 35(2AB), disallowance of interest expenditure under Section 14A was deleted, disallowance of payments beyond grace period for Provident Fund and ESI was deleted, reduction of export profits for deduction under Section 80HHC before claiming deduction under Section 80IB was disallowed, reduction of indirect costs by 10% of export incentives for computing profits from trading exports under Section 80HHC was allowed, classification of Foreign Exchange Fluctuation Gain was sent back for re-adjudication, inclusion of scrap sales in total turnover for deduction under Section 80HHC was disallowed, allowance of interest under Section 57(iii) was upheld, netting off of interest receipts against interest payments for deduction under Section 80HHC was allowed, exclusion of excise duty from total turnover for deduction under Section 80HHC was allowed, and determination of Arm's Length Price for transfer pricing adjustments was sent back for fresh analysis. Both appeals were partly allowed with specific directions for compliance with judicial precedents and statutory provisions. en-us Wed, 16 Dec 2015 00:00:00 +0530 Mon, 08 Aug 2022 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270960 The Tribunal allowed the deduction for excess claimed under Section 35(2AB), disallowance of interest expenditure under Section 14A was deleted, disallowance of payments beyond grace period for Provident Fund and ESI was deleted, reduction of export profits for deduction under Section 80HHC before claiming deduction under Section 80IB was disallowed, reduction of indirect costs by 10% of export incentives for computing profits from trading exports under Section 80HHC was allowed, classification of Foreign Exchange Fluctuation Gain was sent back for re-adjudication, inclusion of scrap sales in total turnover for deduction under Section 80HHC was disallowed, allowance of interest under Section 57(iii) was upheld, netting off of interest receipts against interest payments for deduction under Section 80HHC was allowed, exclusion of excise duty from total turnover for deduction under Section 80HHC was allowed, and determination of Arm's Length Price for transfer pricing adjustments was sent back for fresh analysis. Both appeals were partly allowed with specific directions for compliance with judicial precedents and statutory provisions. Case-Laws Income Tax Wed, 16 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270960