https://www.taxtmi.com/caselaws?id=311207 ITAT Panaji ruled in favor of the assessee on multiple issues. The tribunal held that sales tax refund received by the assessee relating to a previously acquired company could not be taxed under section 41(1) as the amount was transferred to the original company and no deduction was claimed. Interest under section 234D was correctly deleted as the provision was not applicable to the 1998-99 assessment year, being introduced later in 2003. The section 14A disallowance issue was remanded to the AO for fresh adjudication due to erroneous computation. Loss on sale of government bonds was correctly treated as allowable capital loss since bonds were held as current assets in business operations. en-us Tue, 07 Jul 2015 00:00:00 +0530 Thu, 14 Dec 2023 08:28:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311207 ITAT Panaji ruled in favor of the assessee on multiple issues. The tribunal held that sales tax refund received by the assessee relating to a previously acquired company could not be taxed under section 41(1) as the amount was transferred to the original company and no deduction was claimed. Interest under section 234D was correctly deleted as the provision was not applicable to the 1998-99 assessment year, being introduced later in 2003. The section 14A disallowance issue was remanded to the AO for fresh adjudication due to erroneous computation. Loss on sale of government bonds was correctly treated as allowable capital loss since bonds were held as current assets in business operations. Case-Laws Income Tax Tue, 07 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311207