https://www.taxtmi.com/caselaws?id=281524 The ITAT partially ruled in favor of the assessee by reducing disallowances and remanding certain issues for verification. Disallowance under Section 14A was limited to Rs. 15 lakhs due to lack of nexus between borrowed funds and investments. The deduction for liability under MoU with workmen was allowed on a payment basis. Loss on sale of fertilizer bonds was recognized as a business loss. Disallowance of prior period expenses was partially upheld. Interest on income tax refund was added as income. Addition to book profit under Section 115JB was reduced. The decisions were based on precedents and financial records, with detailed directions given for each issue. en-us Wed, 01 Aug 2018 00:00:00 +0530 Sat, 22 Jun 2019 06:53:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281524 The ITAT partially ruled in favor of the assessee by reducing disallowances and remanding certain issues for verification. Disallowance under Section 14A was limited to Rs. 15 lakhs due to lack of nexus between borrowed funds and investments. The deduction for liability under MoU with workmen was allowed on a payment basis. Loss on sale of fertilizer bonds was recognized as a business loss. Disallowance of prior period expenses was partially upheld. Interest on income tax refund was added as income. Addition to book profit under Section 115JB was reduced. The decisions were based on precedents and financial records, with detailed directions given for each issue. Case-Laws Income Tax Wed, 01 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281524