https://www.taxtmi.com/caselaws?id=414985 The Tribunal largely upheld the CIT(A)'s decisions on various disallowances and additions, providing relief to the assessee on multiple grounds. The judgments emphasized adherence to judicial precedents and proper verification of facts, restricting disallowances to the amount of exempt income earned and allowing legitimate claims such as excess depreciation on motor vehicles, excise duty claims adjusted against CENVAT credit, and foreign exchange derivative losses. The Tribunal also directed the AO to verify and allow correct computations, ensuring fair treatment for the assessee in the tax proceedings. en-us Thu, 30 Sep 2021 00:00:00 +0530 Mon, 22 Nov 2021 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414985 The Tribunal largely upheld the CIT(A)'s decisions on various disallowances and additions, providing relief to the assessee on multiple grounds. The judgments emphasized adherence to judicial precedents and proper verification of facts, restricting disallowances to the amount of exempt income earned and allowing legitimate claims such as excess depreciation on motor vehicles, excise duty claims adjusted against CENVAT credit, and foreign exchange derivative losses. The Tribunal also directed the AO to verify and allow correct computations, ensuring fair treatment for the assessee in the tax proceedings. Case-Laws Income Tax Thu, 30 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414985