https://www.taxtmi.com/caselaws?id=439491 The Tribunal dismissed the Department's appeal and partly allowed the assessee's appeal in a case involving various disallowances under the Income Tax Act. The Tribunal allowed capitalization of repairs and maintenance expenditure as revenue expenditure, disallowed notional losses on foreign exchange derivatives, approved expenses for a turnkey project, restricted disallowance under Section 14A, clarified that disallowance under Section 14A cannot be added to book profit under Section 115JB, deleted deemed income for outstanding sundry creditors, and upheld disallowance under Section 40(a)(i) for TDS. Additionally, the Tribunal accepted the assessee's transfer pricing adjustment and upheld disallowance for late payment of employees' contributions. en-us Fri, 26 May 2023 00:00:00 +0530 Sat, 24 Jun 2023 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439491 The Tribunal dismissed the Department's appeal and partly allowed the assessee's appeal in a case involving various disallowances under the Income Tax Act. The Tribunal allowed capitalization of repairs and maintenance expenditure as revenue expenditure, disallowed notional losses on foreign exchange derivatives, approved expenses for a turnkey project, restricted disallowance under Section 14A, clarified that disallowance under Section 14A cannot be added to book profit under Section 115JB, deleted deemed income for outstanding sundry creditors, and upheld disallowance under Section 40(a)(i) for TDS. Additionally, the Tribunal accepted the assessee's transfer pricing adjustment and upheld disallowance for late payment of employees' contributions. Case-Laws Income Tax Fri, 26 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439491