https://www.taxtmi.com/caselaws?id=388611 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decisions on three issues. First, the mark to market loss on derivative instruments was deemed allowable as a deductible business expenditure. Second, the disallowance under section 14A was reversed, considering net interest income. Third, the addition to Book Profit under section 115JB was deleted, as it should be computed without section 14A disallowance. The ITAT's decision relied on established precedents and legal principles, confirming the CIT(A)'s interpretations of the Income Tax Act, 1961. en-us Fri, 25 Oct 2019 00:00:00 +0530 Thu, 07 Nov 2024 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388611 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decisions on three issues. First, the mark to market loss on derivative instruments was deemed allowable as a deductible business expenditure. Second, the disallowance under section 14A was reversed, considering net interest income. Third, the addition to Book Profit under section 115JB was deleted, as it should be computed without section 14A disallowance. The ITAT's decision relied on established precedents and legal principles, confirming the CIT(A)'s interpretations of the Income Tax Act, 1961. Case-Laws Income Tax Fri, 25 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388611