https://www.taxtmi.com/caselaws?id=400047 The ITAT remanded several issues to the AO for fresh adjudication, adhering to precedents from the assessee's earlier cases. It upheld the CIT(A)'s rulings on the deduction of guarantee fees and treatment of interest income as business income. The enhancement of book profit under Section 115JB was adjusted to an ad-hoc disallowance of 1% of exempt income. Issues concerning penalty proceedings under Section 271(1)(c) and interest charges under Sections 234B, 234C, and 234D were not contested in detail. en-us Thu, 22 Oct 2020 00:00:00 +0530 Tue, 05 Nov 2024 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400047 The ITAT remanded several issues to the AO for fresh adjudication, adhering to precedents from the assessee's earlier cases. It upheld the CIT(A)'s rulings on the deduction of guarantee fees and treatment of interest income as business income. The enhancement of book profit under Section 115JB was adjusted to an ad-hoc disallowance of 1% of exempt income. Issues concerning penalty proceedings under Section 271(1)(c) and interest charges under Sections 234B, 234C, and 234D were not contested in detail. Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400047