https://www.taxtmi.com/caselaws?id=416947 The revenue's appeal was dismissed as disallowance under Section 14A for computing book profit under Section 115JB was held not applicable. The ITAT directed the AO to provide depreciation based on actual written down value and classified Industrial Promotion Subsidy as capital receipt. Disallowance under Rule 8D(2)(iii) was upheld, while the issue of commission payments was restored for fresh adjudication. Expenditure on road concretization was classified as revenue in nature. The levy of interest under Section 234B was upheld, and the disallowance of purchases as bogus was partly allowed. The ITAT emphasized proper verification and adherence to legal precedents. en-us Tue, 04 Jan 2022 00:00:00 +0530 Wed, 12 Jan 2022 08:39:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416947 The revenue's appeal was dismissed as disallowance under Section 14A for computing book profit under Section 115JB was held not applicable. The ITAT directed the AO to provide depreciation based on actual written down value and classified Industrial Promotion Subsidy as capital receipt. Disallowance under Rule 8D(2)(iii) was upheld, while the issue of commission payments was restored for fresh adjudication. Expenditure on road concretization was classified as revenue in nature. The levy of interest under Section 234B was upheld, and the disallowance of purchases as bogus was partly allowed. The ITAT emphasized proper verification and adherence to legal precedents. Case-Laws Income Tax Tue, 04 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416947