https://www.taxtmi.com/caselaws?id=431623 The Tribunal allowed the exclusion of sales tax incentives from taxable income, considering them as capital receipts. Disallowance of prior period expenditure was deleted as similar expenses were allowed in previous years. The claim for exclusion of gain on foreign exchange rate fluctuation was dismissed. Disallowance under section 14A was restricted to 1% of tax-exempt income. Various other issues were decided in favor of the assessee based on precedents and legal principles, resulting in the partial allowance of the appeal and dismissal of the revenue's appeal. en-us Mon, 31 Oct 2022 00:00:00 +0530 Fri, 16 Dec 2022 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431623 The Tribunal allowed the exclusion of sales tax incentives from taxable income, considering them as capital receipts. Disallowance of prior period expenditure was deleted as similar expenses were allowed in previous years. The claim for exclusion of gain on foreign exchange rate fluctuation was dismissed. Disallowance under section 14A was restricted to 1% of tax-exempt income. Various other issues were decided in favor of the assessee based on precedents and legal principles, resulting in the partial allowance of the appeal and dismissal of the revenue's appeal. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431623