https://www.taxtmi.com/caselaws?id=311543 ITAT Chennai ruled on multiple issues in this tax assessment case. The tribunal admitted additional grounds regarding DDT levy, noting the assessee had already remitted DDT on 06.10.2015 as reflected in Form 26AS. For corporate guarantee fee, the tribunal directed AO/TPO to compute fee at 0.5% of total corporate guarantee given to associated enterprises. The tribunal allowed interest expenditure deduction for investment in 100% subsidiary company, finding commercial expediency existed. Several issues including TDS on professional fees, drilling services management fees, tax credit denial, forex loss disallowance, and MAT credit were remitted back to AO for re-examination following previous tribunal decisions. The tribunal upheld disallowance under section 14A but directed deletion of such disallowance from book profit computation under section 115JB. Interest receipts addition and expense disallowance issues were also remitted for verification. en-us Wed, 06 Apr 2022 00:00:00 +0530 Mon, 01 Jan 2024 18:26:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311543 ITAT Chennai ruled on multiple issues in this tax assessment case. The tribunal admitted additional grounds regarding DDT levy, noting the assessee had already remitted DDT on 06.10.2015 as reflected in Form 26AS. For corporate guarantee fee, the tribunal directed AO/TPO to compute fee at 0.5% of total corporate guarantee given to associated enterprises. The tribunal allowed interest expenditure deduction for investment in 100% subsidiary company, finding commercial expediency existed. Several issues including TDS on professional fees, drilling services management fees, tax credit denial, forex loss disallowance, and MAT credit were remitted back to AO for re-examination following previous tribunal decisions. The tribunal upheld disallowance under section 14A but directed deletion of such disallowance from book profit computation under section 115JB. Interest receipts addition and expense disallowance issues were also remitted for verification. Case-Laws Income Tax Wed, 06 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311543