https://www.taxtmi.com/caselaws?id=390097 The Tribunal ruled in favor of the assessee on all contested issues. It invalidated the disallowance under Section 14A, classifying the subsidies received under the New Industrial Policy as capital receipts, and allowed the deduction of education cess as an expenditure under Section 37. The decision underscored the significance of judicial precedents and legislative intent in tax liability determinations. en-us Thu, 19 Dec 2019 00:00:00 +0530 Thu, 07 Nov 2024 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390097 The Tribunal ruled in favor of the assessee on all contested issues. It invalidated the disallowance under Section 14A, classifying the subsidies received under the New Industrial Policy as capital receipts, and allowed the deduction of education cess as an expenditure under Section 37. The decision underscored the significance of judicial precedents and legislative intent in tax liability determinations. Case-Laws Income Tax Thu, 19 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390097