https://www.taxtmi.com/caselaws?id=445691 Where investments yielding exempt income were financed from sufficient own funds, no disallowance under section 14A was warranted and no corresponding adjustment could be made while computing book profit under section 115JB. Directors' salary and handover facility expenses were treated as general business overheads, so capitalisation to work-in-progress was deleted. The arm's length price of corporate guarantee commission at 0.3523% was upheld on the interest-saving and credit-risk benchmarking adopted. Depreciation on a sample flat treated as a temporary structure was allowed at the claimed rate, and foreign exchange loss on construction materials was held to be revenue expenditure not capitalisable to project cost. en-us Wed, 08 Nov 2023 00:00:00 +0530 Thu, 16 Nov 2023 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445691 Where investments yielding exempt income were financed from sufficient own funds, no disallowance under section 14A was warranted and no corresponding adjustment could be made while computing book profit under section 115JB. Directors' salary and handover facility expenses were treated as general business overheads, so capitalisation to work-in-progress was deleted. The arm's length price of corporate guarantee commission at 0.3523% was upheld on the interest-saving and credit-risk benchmarking adopted. Depreciation on a sample flat treated as a temporary structure was allowed at the claimed rate, and foreign exchange loss on construction materials was held to be revenue expenditure not capitalisable to project cost. Case-Laws Income Tax Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445691