https://www.taxtmi.com/caselaws?id=370976 The Tribunal allowed the assessee's challenge against the disallowance of exploration expenses related to the Pranhita Godavari Block, finding them allowable under the Income Tax Act. The disallowance of set-off of exploration expenses against interest income was dismissed. The Tribunal directed proper credit of TDS to be granted. The rejection of the revised return of income was overturned, allowing for a fresh claim. The disallowance under section 14A was reduced. The allowance of unsuccessful exploration expenses and development costs as revenue expenditure was upheld. The Tribunal provided detailed directions for reconsideration of claims by the Assessing Officer. en-us Fri, 12 Oct 2018 00:00:00 +0530 Mon, 26 Nov 2018 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370976 The Tribunal allowed the assessee's challenge against the disallowance of exploration expenses related to the Pranhita Godavari Block, finding them allowable under the Income Tax Act. The disallowance of set-off of exploration expenses against interest income was dismissed. The Tribunal directed proper credit of TDS to be granted. The rejection of the revised return of income was overturned, allowing for a fresh claim. The disallowance under section 14A was reduced. The allowance of unsuccessful exploration expenses and development costs as revenue expenditure was upheld. The Tribunal provided detailed directions for reconsideration of claims by the Assessing Officer. Case-Laws Income Tax Fri, 12 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370976