https://www.taxtmi.com/caselaws?id=292222 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decisions on the deletion of the Transfer Pricing adjustment, disallowance under Section 14A, and computation of deduction under Section 80IC. The Tribunal held that the corporate guarantee provided by the assessee company to its Associate Enterprise did not qualify as an international transaction. It also ruled that no disallowance under Rule 8D(2)(ii) could be made when the assessee's surplus funds were sufficient to cover investments. The Tribunal affirmed the inclusion of sales tax subsidies in profits for deduction purposes under Section 80IC and the inclusion of previously allowed expenses in such profits. en-us Tue, 31 Dec 2019 00:00:00 +0530 Sat, 12 Dec 2020 07:17:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292222 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decisions on the deletion of the Transfer Pricing adjustment, disallowance under Section 14A, and computation of deduction under Section 80IC. The Tribunal held that the corporate guarantee provided by the assessee company to its Associate Enterprise did not qualify as an international transaction. It also ruled that no disallowance under Rule 8D(2)(ii) could be made when the assessee's surplus funds were sufficient to cover investments. The Tribunal affirmed the inclusion of sales tax subsidies in profits for deduction purposes under Section 80IC and the inclusion of previously allowed expenses in such profits. Case-Laws Income Tax Tue, 31 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292222