https://www.taxtmi.com/caselaws?id=440708 The Tribunal upheld the assessee's claim for deduction under Section 80IB(11C) of the Income Tax Act for profits from trading in medicines and surgical equipment as integral to hospital operations. The appeal on disallowance under Section 14A was allowed as no exempt income was earned during the relevant assessment year, citing Supreme Court precedents. The issue of proportionate disallowance of interest was remanded to the AO for factual verification. The Department's appeal was partly allowed for statistical purposes. en-us Wed, 19 Jul 2023 00:00:00 +0530 Thu, 20 Jul 2023 13:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440708 The Tribunal upheld the assessee's claim for deduction under Section 80IB(11C) of the Income Tax Act for profits from trading in medicines and surgical equipment as integral to hospital operations. The appeal on disallowance under Section 14A was allowed as no exempt income was earned during the relevant assessment year, citing Supreme Court precedents. The issue of proportionate disallowance of interest was remanded to the AO for factual verification. The Department's appeal was partly allowed for statistical purposes. Case-Laws Income Tax Wed, 19 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440708