https://www.taxtmi.com/caselaws?id=275607 The Tribunal partly allowed both appeals, directing fresh adjudication on certain issues while upholding the CIT (A)'s decisions on others. Notional losses on forex derivatives were allowed based on mercantile accounting principles. Deductions under section 80IB were remitted for fresh adjudication, with interest income from debtors upheld. An upward adjustment under section 92CA(3) was deleted, as corporate guarantees were not considered international transactions. The claim for tax credit on foreign taxes paid was remitted for detailed examination. Disallowance under section 14A was partly upheld, with interest expenses deleted but administrative expenses upheld due to investments from interest-free funds. en-us Fri, 21 Apr 2017 00:00:00 +0530 Wed, 10 Oct 2018 09:06:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275607 The Tribunal partly allowed both appeals, directing fresh adjudication on certain issues while upholding the CIT (A)'s decisions on others. Notional losses on forex derivatives were allowed based on mercantile accounting principles. Deductions under section 80IB were remitted for fresh adjudication, with interest income from debtors upheld. An upward adjustment under section 92CA(3) was deleted, as corporate guarantees were not considered international transactions. The claim for tax credit on foreign taxes paid was remitted for detailed examination. Disallowance under section 14A was partly upheld, with interest expenses deleted but administrative expenses upheld due to investments from interest-free funds. Case-Laws Income Tax Fri, 21 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275607