https://www.taxtmi.com/caselaws?id=330838 The Tribunal allowed the appeal in favor of the assessee, ruling that the surplus arising from the prepayment of deferred sales tax was not taxable under sections 41(1) or 28(iv). The Tribunal directed the Assessing Officer to allow depreciation on the intangible assets acquired by the assessee and restricted the disallowance under section 14A to 2% of the dividend income while excluding debt funds from the interest disallowance. The Revenue's appeal for the assessment year 2008-09 was dismissed, affirming that the surplus from the prepayment of deferred sales tax was not taxable under section 41(1). en-us Wed, 27 Jul 2016 00:00:00 +0530 Sat, 06 Aug 2016 13:51:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330838 The Tribunal allowed the appeal in favor of the assessee, ruling that the surplus arising from the prepayment of deferred sales tax was not taxable under sections 41(1) or 28(iv). The Tribunal directed the Assessing Officer to allow depreciation on the intangible assets acquired by the assessee and restricted the disallowance under section 14A to 2% of the dividend income while excluding debt funds from the interest disallowance. The Revenue's appeal for the assessment year 2008-09 was dismissed, affirming that the surplus from the prepayment of deferred sales tax was not taxable under section 41(1). Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330838