https://www.taxtmi.com/caselaws?id=311287 ITAT Ahmedabad held in favor of the assessee on multiple issues. Section 14A disallowance was restricted to the extent of exempt income earned, following Gujarat HC precedent. No adjustment to book profits under Section 115JB was permitted for Section 14A disallowed expenses. Section 80IA deduction for captive power generation plants was allowed based on selling price of electricity as determined by Gujarat HC in assessee's own case. Carbon credit receipts were treated as capital in nature, not revenue, following jurisdictional HC decision in assessee's favor. en-us Wed, 28 Dec 2022 00:00:00 +0530 Sun, 17 Dec 2023 15:13:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311287 ITAT Ahmedabad held in favor of the assessee on multiple issues. Section 14A disallowance was restricted to the extent of exempt income earned, following Gujarat HC precedent. No adjustment to book profits under Section 115JB was permitted for Section 14A disallowed expenses. Section 80IA deduction for captive power generation plants was allowed based on selling price of electricity as determined by Gujarat HC in assessee's own case. Carbon credit receipts were treated as capital in nature, not revenue, following jurisdictional HC decision in assessee's favor. Case-Laws Income Tax Wed, 28 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311287