https://www.taxtmi.com/caselaws?id=358151 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decisions on the treatment of sales tax remission as a capital receipt under the West Bengal Incentive Scheme and the disallowance under section 14A of the Act regarding expenditure on interest-bearing funds. The Tribunal held that the sales tax remission was not for business operations but for promoting industries in the state, and only investments yielding income not forming part of the total income should be considered for disallowance under section 14A. en-us Wed, 04 Apr 2018 00:00:00 +0530 Fri, 06 Apr 2018 07:46:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358151 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decisions on the treatment of sales tax remission as a capital receipt under the West Bengal Incentive Scheme and the disallowance under section 14A of the Act regarding expenditure on interest-bearing funds. The Tribunal held that the sales tax remission was not for business operations but for promoting industries in the state, and only investments yielding income not forming part of the total income should be considered for disallowance under section 14A. Case-Laws Income Tax Wed, 04 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358151