https://www.taxtmi.com/caselaws?id=437067 The Tribunal discussed that an ad hoc disallowance of petrol, oil and lubricants expenses could not be sustained where the claim was supported by regular books, statutory audit, and no specific defect was found, and it also noted that section 40(a)(ia) disallowance was to be confined to 30% for the relevant assessment year under the amended provision. It further treated the bad-debt write-off, inter-company reconciliation differences, holding-company expenditure, and the section 14A and related interest disputes as matters requiring fresh factual examination, with section 14A being linked to investments yielding exempt income and capped by the exempt income earned. en-us Tue, 28 Feb 2023 00:00:00 +0530 Thu, 27 Apr 2023 08:59:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437067 The Tribunal discussed that an ad hoc disallowance of petrol, oil and lubricants expenses could not be sustained where the claim was supported by regular books, statutory audit, and no specific defect was found, and it also noted that section 40(a)(ia) disallowance was to be confined to 30% for the relevant assessment year under the amended provision. It further treated the bad-debt write-off, inter-company reconciliation differences, holding-company expenditure, and the section 14A and related interest disputes as matters requiring fresh factual examination, with section 14A being linked to investments yielding exempt income and capped by the exempt income earned. Case-Laws Income Tax Tue, 28 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437067