https://www.taxtmi.com/caselaws?id=286055 The Tribunal largely upheld the CIT(A)'s decisions, emphasizing the importance of evidence and correct application of legal principles. Disallowances under Section 14A were restricted for different assessment years, with Rule 8D not applied retrospectively. Deductions under Section 80IC were allowed, with no evidence of indirect benefits or disallowance of job work charges. The eligibility of a unit for deductions under Section 80IB was confirmed. Foreign travel expenses disallowance was overturned due to lack of evidence of personal use. Bad debts were allowed in compliance with relevant sections. Disallowance of interest on borrowed funds for land purchase was deleted. The treatment of sales tax subsidy as revenue receipt was remanded for reconsideration. en-us Mon, 21 May 2018 00:00:00 +0530 Tue, 11 Feb 2020 07:39:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286055 The Tribunal largely upheld the CIT(A)'s decisions, emphasizing the importance of evidence and correct application of legal principles. Disallowances under Section 14A were restricted for different assessment years, with Rule 8D not applied retrospectively. Deductions under Section 80IC were allowed, with no evidence of indirect benefits or disallowance of job work charges. The eligibility of a unit for deductions under Section 80IB was confirmed. Foreign travel expenses disallowance was overturned due to lack of evidence of personal use. Bad debts were allowed in compliance with relevant sections. Disallowance of interest on borrowed funds for land purchase was deleted. The treatment of sales tax subsidy as revenue receipt was remanded for reconsideration. Case-Laws Income Tax Mon, 21 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286055