https://www.taxtmi.com/caselaws?id=329649 The Tribunal allowed the appeals for the assessment years 2006-07, 2007-08, and 2008-09, finding that additions made under Section 153A were unjustified due to lack of incriminating material. For the assessment years 2009-10 and 2010-11, the Tribunal directed the AO to recompute interest adjustments on foreign currency loans based on LIBOR rates. Additionally, for the assessment year 2011-12, it held that post-conversion of loans to share application money, no interest could be charged. Disallowances under Section 14A were restricted to not exceed the exempt income for the years 2009-10 to 2011-12. en-us Thu, 05 May 2016 00:00:00 +0530 Wed, 29 Jun 2016 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329649 The Tribunal allowed the appeals for the assessment years 2006-07, 2007-08, and 2008-09, finding that additions made under Section 153A were unjustified due to lack of incriminating material. For the assessment years 2009-10 and 2010-11, the Tribunal directed the AO to recompute interest adjustments on foreign currency loans based on LIBOR rates. Additionally, for the assessment year 2011-12, it held that post-conversion of loans to share application money, no interest could be charged. Disallowances under Section 14A were restricted to not exceed the exempt income for the years 2009-10 to 2011-12. Case-Laws Income Tax Thu, 05 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329649