https://www.taxtmi.com/caselaws?id=394518 The Tribunal upheld the reduction of foreign exchange fluctuation loss allocation for calculating deduction under Section 80IC, dismissed the deduction of leave encashment on a provision basis, deleted disallowance under Section 14A for investments in debt-oriented mutual funds, allowed deductions for Education Cess, included transport and excise duty subsidies for deduction under Section 80IC, deleted ad hoc disallowance of business promotion expenses, excluded excise duty exemption from book profit calculation, deleted addition of disallowance under Section 14A to book profit, upheld exclusion of certain incomes from Section 80IC deduction, deleted proportionment of indirect head office expenses, and treated forward contract gain as business income eligible for deduction under Section 80IC. en-us Fri, 31 Jan 2020 00:00:00 +0530 Thu, 08 Apr 2021 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394518 The Tribunal upheld the reduction of foreign exchange fluctuation loss allocation for calculating deduction under Section 80IC, dismissed the deduction of leave encashment on a provision basis, deleted disallowance under Section 14A for investments in debt-oriented mutual funds, allowed deductions for Education Cess, included transport and excise duty subsidies for deduction under Section 80IC, deleted ad hoc disallowance of business promotion expenses, excluded excise duty exemption from book profit calculation, deleted addition of disallowance under Section 14A to book profit, upheld exclusion of certain incomes from Section 80IC deduction, deleted proportionment of indirect head office expenses, and treated forward contract gain as business income eligible for deduction under Section 80IC. Case-Laws Income Tax Fri, 31 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394518