https://www.taxtmi.com/caselaws?id=272590 The Tribunal held that no disallowance of interest on loans to subsidiaries was warranted as loans were for commercial reasons and the assessee had sufficient interest-free funds. Disallowance under section 14A for interest expenses related to tax-free income was also rejected as the assessee had enough interest-free funds for investments. The Tribunal allowed full lease rental deductions for depreciation on leased assets and deleted disallowances for payments to contractors and consultation fees to a foreign entity. The disallowance of sales tax liability was allowed only if paid within the stipulated period. Other grounds were dismissed as not requiring adjudication. en-us Fri, 08 Jul 2016 00:00:00 +0530 Mon, 05 Oct 2020 07:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272590 The Tribunal held that no disallowance of interest on loans to subsidiaries was warranted as loans were for commercial reasons and the assessee had sufficient interest-free funds. Disallowance under section 14A for interest expenses related to tax-free income was also rejected as the assessee had enough interest-free funds for investments. The Tribunal allowed full lease rental deductions for depreciation on leased assets and deleted disallowances for payments to contractors and consultation fees to a foreign entity. The disallowance of sales tax liability was allowed only if paid within the stipulated period. Other grounds were dismissed as not requiring adjudication. Case-Laws Income Tax Fri, 08 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272590