https://www.taxtmi.com/caselaws?id=311208 ITAT Panaji allowed the assessee's appeal on MAT credit entitlement, holding that adding back net amount debited to profit and loss account under Section 115JB was correct. The Tribunal deleted disallowance under Section 14A as AO failed to record satisfaction and assessee had substantial own funds exceeding investments generating exempt income. Disallowance of interest expenditure was deleted following HC precedents where adequate non-interest bearing funds were available. The Tribunal allowed set-off of loss from sale of preference shares against long-term capital gains and deleted addition under Section 41(1) for cessation of liability regarding trade creditors. However, expenditure on feasibility study was confirmed as capital expenditure, and disallowance of gifts to business associates was upheld due to lack of details. en-us Fri, 31 Mar 2017 00:00:00 +0530 Thu, 14 Dec 2023 08:28:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311208 ITAT Panaji allowed the assessee's appeal on MAT credit entitlement, holding that adding back net amount debited to profit and loss account under Section 115JB was correct. The Tribunal deleted disallowance under Section 14A as AO failed to record satisfaction and assessee had substantial own funds exceeding investments generating exempt income. Disallowance of interest expenditure was deleted following HC precedents where adequate non-interest bearing funds were available. The Tribunal allowed set-off of loss from sale of preference shares against long-term capital gains and deleted addition under Section 41(1) for cessation of liability regarding trade creditors. However, expenditure on feasibility study was confirmed as capital expenditure, and disallowance of gifts to business associates was upheld due to lack of details. Case-Laws Income Tax Fri, 31 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311208