https://www.taxtmi.com/caselaws?id=334227 The Tribunal partially allowed the appeal, remitting several issues back to the AO for reconsideration. The Tribunal directed the TPO to calculate the ALP using the LIBOR rate for international transactions. It instructed the AO to recalculate the disallowance under Section 14A only for investments generating exempt income. The disallowance of commission payment was upheld due to lack of proof of genuineness. Share issue expenses were allowed under Section 35D for a private placement. The apportionment of expenses to the shipping division was remitted for further determination. The disallowance of ESOP expenses was sent back for reconsideration based on proper documentation. en-us Wed, 21 Sep 2016 00:00:00 +0530 Mon, 07 Nov 2016 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334227 The Tribunal partially allowed the appeal, remitting several issues back to the AO for reconsideration. The Tribunal directed the TPO to calculate the ALP using the LIBOR rate for international transactions. It instructed the AO to recalculate the disallowance under Section 14A only for investments generating exempt income. The disallowance of commission payment was upheld due to lack of proof of genuineness. Share issue expenses were allowed under Section 35D for a private placement. The apportionment of expenses to the shipping division was remitted for further determination. The disallowance of ESOP expenses was sent back for reconsideration based on proper documentation. Case-Laws Income Tax Wed, 21 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334227