https://www.taxtmi.com/caselaws?id=392826 ITAT MUMBAI restored the issue of including miscellaneous receipts in computation of deduction under s.80IC to the AO with directions. It held no disallowance under s.14A r/w Rule 8D where the assessee earned no exempt income, and that s.14A adjustments cannot be made while computing book profit under s.115JB (only Explanation 1(f) applies). Wealth tax need not be added back to book profit under s.115JB, wealth tax being neither income tax nor an unascertained liability. Provision of corporate guarantee is an international transaction, but the arm's-length guarantee fee is fixed at 0.5%, and related adjustments by TPO/DRP were deleted. Revenue's grounds dismissed. en-us Tue, 25 Feb 2020 00:00:00 +0530 Fri, 22 Aug 2025 22:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392826 ITAT MUMBAI restored the issue of including miscellaneous receipts in computation of deduction under s.80IC to the AO with directions. It held no disallowance under s.14A r/w Rule 8D where the assessee earned no exempt income, and that s.14A adjustments cannot be made while computing book profit under s.115JB (only Explanation 1(f) applies). Wealth tax need not be added back to book profit under s.115JB, wealth tax being neither income tax nor an unascertained liability. Provision of corporate guarantee is an international transaction, but the arm's-length guarantee fee is fixed at 0.5%, and related adjustments by TPO/DRP were deleted. Revenue's grounds dismissed. Case-Laws Income Tax Tue, 25 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392826