https://www.taxtmi.com/caselaws?id=178290 The Tribunal upheld the CIT(A)'s decision regarding the non-taxability of advance license benefit, pass book benefit, and DFRC benefit, following the Bombay High Court's judgment. The issue of disallowance of interest expenditure u/s 14A was remanded back to the AO for fresh adjudication. The disallowance of interest paid on loans to subsidiaries was also remanded for reconsideration based on Supreme Court decisions. The claim for deduction of wealth tax paid was denied, and the issue of deferred sales tax liability was remanded for lack of conclusive material. The Tribunal allowed interest u/s 244A up to the date of the refund order. The appeal and cross-objection were dismissed, with the assessee's appeal partly allowed for statistical purposes. en-us Wed, 13 Jul 2011 00:00:00 +0530 Mon, 01 Feb 2016 17:06:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178290 The Tribunal upheld the CIT(A)'s decision regarding the non-taxability of advance license benefit, pass book benefit, and DFRC benefit, following the Bombay High Court's judgment. The issue of disallowance of interest expenditure u/s 14A was remanded back to the AO for fresh adjudication. The disallowance of interest paid on loans to subsidiaries was also remanded for reconsideration based on Supreme Court decisions. The claim for deduction of wealth tax paid was denied, and the issue of deferred sales tax liability was remanded for lack of conclusive material. The Tribunal allowed interest u/s 244A up to the date of the refund order. The appeal and cross-objection were dismissed, with the assessee's appeal partly allowed for statistical purposes. Case-Laws Income Tax Wed, 13 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178290