https://www.taxtmi.com/caselaws?id=340662 The Tribunal upheld the CIT(A)'s decision regarding disallowance under Section 14A, limiting it to 1% of exempted income for AY 2006-07. The Tribunal also confirmed the sale of Rubber Chemicals business and Bangalore land as a slump sale, deleting the addition under Section 41(2) and disallowance of depreciation. Additionally, the Tribunal directed the AO to delete the disallowance of interest expenditure for AY 2007-08 and remanded the issue of profits from the Uniqema business to verify inclusion in CCIPL's books. The Tribunal allowed the bad debts written off by the assessee, following the Supreme Court's decision. Assessee's appeals were partly allowed for AY 2006-07 and allowed for statistical purposes for AY 2007-08, while revenue's appeals were dismissed for both years. en-us Wed, 08 Mar 2017 00:00:00 +0530 Tue, 21 Mar 2017 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340662 The Tribunal upheld the CIT(A)'s decision regarding disallowance under Section 14A, limiting it to 1% of exempted income for AY 2006-07. The Tribunal also confirmed the sale of Rubber Chemicals business and Bangalore land as a slump sale, deleting the addition under Section 41(2) and disallowance of depreciation. Additionally, the Tribunal directed the AO to delete the disallowance of interest expenditure for AY 2007-08 and remanded the issue of profits from the Uniqema business to verify inclusion in CCIPL's books. The Tribunal allowed the bad debts written off by the assessee, following the Supreme Court's decision. Assessee's appeals were partly allowed for AY 2006-07 and allowed for statistical purposes for AY 2007-08, while revenue's appeals were dismissed for both years. Case-Laws Income Tax Wed, 08 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340662