https://www.taxtmi.com/caselaws?id=429543 The Tribunal partly allowed the assessee's appeals and dismissed the Revenue's appeals. The Tribunal upheld the deletion of disallowances under Sections 14A and Rule 8D(2)(iii), excluded the interest subsidy under the TUF Scheme from book profit, and treated it as a capital receipt. The initiation of penalty proceedings under Section 271(1)(c) was deemed premature. The levy of interest under Section 234C was upheld. The Tribunal's decision was based on established legal principles and judicial precedents, ensuring consistency in tax law application. en-us Thu, 29 Sep 2022 00:00:00 +0530 Sat, 29 Oct 2022 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429543 The Tribunal partly allowed the assessee's appeals and dismissed the Revenue's appeals. The Tribunal upheld the deletion of disallowances under Sections 14A and Rule 8D(2)(iii), excluded the interest subsidy under the TUF Scheme from book profit, and treated it as a capital receipt. The initiation of penalty proceedings under Section 271(1)(c) was deemed premature. The levy of interest under Section 234C was upheld. The Tribunal's decision was based on established legal principles and judicial precedents, ensuring consistency in tax law application. Case-Laws Income Tax Thu, 29 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429543