https://www.taxtmi.com/caselaws?id=445847 The article discusses several tax issues arising in an ITAT Mumbai order, including transfer pricing on inter-unit sale of power, deductibility of interest on perpetual non-convertible debentures, compensatory afforestation expenditure, leave encashment claimed on payment basis, and disallowance under section 14A read with rule 8D and its impact on book profit under section 115JB. It records that the transfer pricing adjustment on power sales was deleted because the open-market rate actually available to the consuming units could not be displaced by a distribution-company benchmark without cogent reasons. It also notes that interest on perpetual debentures, compensatory afforestation expense, and eligible leave encashment were allowed, while the section 14A disallowance and related book-profit addition were deleted. The debenture interest issue under section 115JB was remitted for fresh consideration. en-us Tue, 07 Nov 2023 00:00:00 +0530 Wed, 26 Jun 2024 16:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445847 The article discusses several tax issues arising in an ITAT Mumbai order, including transfer pricing on inter-unit sale of power, deductibility of interest on perpetual non-convertible debentures, compensatory afforestation expenditure, leave encashment claimed on payment basis, and disallowance under section 14A read with rule 8D and its impact on book profit under section 115JB. It records that the transfer pricing adjustment on power sales was deleted because the open-market rate actually available to the consuming units could not be displaced by a distribution-company benchmark without cogent reasons. It also notes that interest on perpetual debentures, compensatory afforestation expense, and eligible leave encashment were allowed, while the section 14A disallowance and related book-profit addition were deleted. The debenture interest issue under section 115JB was remitted for fresh consideration. Case-Laws Income Tax Tue, 07 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445847