https://www.taxtmi.com/caselaws?id=346359 The ITAT classified the lease transactions as finance lease, directing the AO to verify charges per ICAI guidelines. Disallowance under section 14A was upheld, with Rule 8D invoked. Book profit addition under section 115JB was deleted based on Vireet Investment ruling. Prior period expenses disallowance was partially allowed, following Excel Industries precedent. Additions for provisions were upheld due to lack of evidence. The ITAT dismissed Revenue's appeal, partly allowed the assessee's appeal, and pronounced the decision on 24th July 2017. en-us Mon, 24 Jul 2017 00:00:00 +0530 Wed, 09 Aug 2017 10:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346359 The ITAT classified the lease transactions as finance lease, directing the AO to verify charges per ICAI guidelines. Disallowance under section 14A was upheld, with Rule 8D invoked. Book profit addition under section 115JB was deleted based on Vireet Investment ruling. Prior period expenses disallowance was partially allowed, following Excel Industries precedent. Additions for provisions were upheld due to lack of evidence. The ITAT dismissed Revenue's appeal, partly allowed the assessee's appeal, and pronounced the decision on 24th July 2017. Case-Laws Income Tax Mon, 24 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346359