https://www.taxtmi.com/caselaws?id=331311 The assessee's appeal was allowed, and the Revenue's appeal was dismissed by the Tribunal. The disallowance under Rule 8D for exempt income was deleted due to the inapplicability of the rule and lack of justification by the Assessing Officer. The disallowance of sales-tax incentive was overturned, considering it as a capital receipt for economic development. The disallowance of foreign travel expenses was also deleted as they were found to be business-related. Additionally, the sales-tax incentive was excluded from book profit under sec. 115JB. en-us Mon, 18 Jul 2016 00:00:00 +0530 Fri, 19 Aug 2016 10:51:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331311 The assessee's appeal was allowed, and the Revenue's appeal was dismissed by the Tribunal. The disallowance under Rule 8D for exempt income was deleted due to the inapplicability of the rule and lack of justification by the Assessing Officer. The disallowance of sales-tax incentive was overturned, considering it as a capital receipt for economic development. The disallowance of foreign travel expenses was also deleted as they were found to be business-related. Additionally, the sales-tax incentive was excluded from book profit under sec. 115JB. Case-Laws Income Tax Mon, 18 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331311