https://www.taxtmi.com/caselaws?id=414045 The appeal was partly allowed with directions to the AO to verify and recompute disallowances and deductions in accordance with tribunal findings and higher court principles. Key issues included disallowance under section 14A, disallowance of interest on borrowed funds under section 36(1)(iii), deduction under section 35D for IPO expenses, and restriction of deductions under sections 80-IB. The tribunal emphasized the need to verify interest-free funds for disallowances and adjust deductions based on court precedents regarding set-off and computation of deductions. en-us Mon, 11 Oct 2021 00:00:00 +0530 Tue, 26 Oct 2021 09:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414045 The appeal was partly allowed with directions to the AO to verify and recompute disallowances and deductions in accordance with tribunal findings and higher court principles. Key issues included disallowance under section 14A, disallowance of interest on borrowed funds under section 36(1)(iii), deduction under section 35D for IPO expenses, and restriction of deductions under sections 80-IB. The tribunal emphasized the need to verify interest-free funds for disallowances and adjust deductions based on court precedents regarding set-off and computation of deductions. Case-Laws Income Tax Mon, 11 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414045