https://www.taxtmi.com/caselaws?id=361916 The Tribunal dismissed the Revenue's appeal and partly allowed the assessee's cross objection. The adjustments made under Section 14A for computing book profit under Section 115JB were deleted. The addition under Section 145A was deleted, and the disallowance of commission expenses was restricted. Set off and carry forward of depreciation were allowed. The validity of the assessment order was upheld. The Tribunal directed a re-examination of the reconciliation of interest income from banks. Disallowance under Section 14A read with Rule 8D was partly allowed. The addition due to undervaluation of closing stock was deleted. The levy of interest and initiation of penalty proceedings were deemed general and consequential. en-us Mon, 11 Jun 2018 00:00:00 +0530 Wed, 13 Jun 2018 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361916 The Tribunal dismissed the Revenue's appeal and partly allowed the assessee's cross objection. The adjustments made under Section 14A for computing book profit under Section 115JB were deleted. The addition under Section 145A was deleted, and the disallowance of commission expenses was restricted. Set off and carry forward of depreciation were allowed. The validity of the assessment order was upheld. The Tribunal directed a re-examination of the reconciliation of interest income from banks. Disallowance under Section 14A read with Rule 8D was partly allowed. The addition due to undervaluation of closing stock was deleted. The levy of interest and initiation of penalty proceedings were deemed general and consequential. Case-Laws Income Tax Mon, 11 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361916