https://www.taxtmi.com/caselaws?id=445435 ITAT Mumbai allowed assessee's appeal on multiple grounds. Regarding TP adjustments, tribunal deleted interest imputation on share application money to associated enterprises, following precedent from assessee's own case for AY 2015-16. For advances recoverable from associated enterprises, tribunal directed AO/TPO to benchmark interest at LIBOR plus 300 basis points, considering net credit period. Section 14A disallowance was remanded to AO for recomputation considering only exempt income-yielding investments. Section 36(1)(iii) disallowance was also restored to AO with directions. Tribunal allowed weighted deduction under section 35(2AB) as Form 3CL requirement was introduced from July 1, 2016. AO was directed to dispose of TDS rectification application per law. en-us Thu, 05 Oct 2023 00:00:00 +0530 Tue, 07 Nov 2023 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445435 ITAT Mumbai allowed assessee's appeal on multiple grounds. Regarding TP adjustments, tribunal deleted interest imputation on share application money to associated enterprises, following precedent from assessee's own case for AY 2015-16. For advances recoverable from associated enterprises, tribunal directed AO/TPO to benchmark interest at LIBOR plus 300 basis points, considering net credit period. Section 14A disallowance was remanded to AO for recomputation considering only exempt income-yielding investments. Section 36(1)(iii) disallowance was also restored to AO with directions. Tribunal allowed weighted deduction under section 35(2AB) as Form 3CL requirement was introduced from July 1, 2016. AO was directed to dispose of TDS rectification application per law. Case-Laws Income Tax Thu, 05 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445435