https://www.taxtmi.com/caselaws?id=279468 ITAT Chandigarh upheld CIT(A)'s classification of interest income, allowing netting of related interest expenditure against income from other sources where direct nexus exists. Court directed inclusion of ocean freight brokerage as undertaking income for deduction purposes under sections 10B, 80IB, and 80IC. Sales tax exemption receipts held as capital receipts following SC precedent in Chaphalkar Brothers case. Foreign travel expenses for director's wife allowed 50%. Premium on convertible bonds allowed in payment year. Foreign exchange fluctuation gains included in eligible profits for deductions. Share sale income treated as capital gains, not speculative income. en-us Tue, 18 Dec 2018 00:00:00 +0530 Wed, 11 Jun 2025 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279468 ITAT Chandigarh upheld CIT(A)'s classification of interest income, allowing netting of related interest expenditure against income from other sources where direct nexus exists. Court directed inclusion of ocean freight brokerage as undertaking income for deduction purposes under sections 10B, 80IB, and 80IC. Sales tax exemption receipts held as capital receipts following SC precedent in Chaphalkar Brothers case. Foreign travel expenses for director's wife allowed 50%. Premium on convertible bonds allowed in payment year. Foreign exchange fluctuation gains included in eligible profits for deductions. Share sale income treated as capital gains, not speculative income. Case-Laws Income Tax Tue, 18 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279468