https://www.taxtmi.com/caselaws?id=428095 The Tribunal upheld the benefit under Section 80IC of the Income Tax Act for the assessee, ruling that their unit qualified for the deduction due to its classification as a mineral-based industry. Additionally, the Tribunal found that Rule 8D(iii) could not be invoked without establishing a direct nexus between borrowings and investments, supported by legal precedents. The deletion of the amount under Section 14A was also upheld, as the assessing officer failed to provide reasons for rejecting the assessee's explanation. The revenue's appeals were dismissed, and the Tribunal's decisions were upheld. en-us Thu, 15 Sep 2022 00:00:00 +0530 Thu, 22 Sep 2022 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428095 The Tribunal upheld the benefit under Section 80IC of the Income Tax Act for the assessee, ruling that their unit qualified for the deduction due to its classification as a mineral-based industry. Additionally, the Tribunal found that Rule 8D(iii) could not be invoked without establishing a direct nexus between borrowings and investments, supported by legal precedents. The deletion of the amount under Section 14A was also upheld, as the assessing officer failed to provide reasons for rejecting the assessee's explanation. The revenue's appeals were dismissed, and the Tribunal's decisions were upheld. Case-Laws Income Tax Thu, 15 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428095