https://www.taxtmi.com/caselaws?id=311211 The ITAT Mumbai allowed the assessee's appeal on multiple grounds. The tribunal held that proportionate interest expenditure need not be attributed to capital work-in-progress when non-interest bearing funds exceeded the investment amount, citing SC and HC precedents. Disallowance under Section 14A was deleted as sufficient interest-free funds were available. The tribunal allowed deletion of provision write-back for doubtful debts since no deduction was claimed when provisions were created. MAT credit addition to book profit was deleted, following coordinate bench decisions. Wealth tax provision addition was removed, relying on HC ruling that wealth tax isn't covered under Section 115JB. Excise duty disallowance was deleted as no double deduction occurred. Interest disallowance on subsidiary loans was removed due to available interest-free funds. en-us Mon, 09 Jan 2023 00:00:00 +0530 Thu, 14 Dec 2023 08:28:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311211 The ITAT Mumbai allowed the assessee's appeal on multiple grounds. The tribunal held that proportionate interest expenditure need not be attributed to capital work-in-progress when non-interest bearing funds exceeded the investment amount, citing SC and HC precedents. Disallowance under Section 14A was deleted as sufficient interest-free funds were available. The tribunal allowed deletion of provision write-back for doubtful debts since no deduction was claimed when provisions were created. MAT credit addition to book profit was deleted, following coordinate bench decisions. Wealth tax provision addition was removed, relying on HC ruling that wealth tax isn't covered under Section 115JB. Excise duty disallowance was deleted as no double deduction occurred. Interest disallowance on subsidiary loans was removed due to available interest-free funds. Case-Laws Income Tax Mon, 09 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311211