https://www.taxtmi.com/caselaws?id=448632 In a manufacturing context, alleged bogus purchase additions may be restricted to a reasonable percentage where material receipt, consumption records, manufacturing loss, and gross profit data support partial genuineness; the addition was confined to 2% of the disputed purchases. CSR donations paid to institutions eligible under section 80G were treated as allowable deduction, subject to the statutory conditions. Year-end mark-to-market loss on forward contracts used to hedge export currency exposure was allowed as a business loss. Section 14A disallowance was required to be recomputed only against investments actually yielding exempt income. en-us Wed, 20 Dec 2023 00:00:00 +0530 Wed, 24 Jan 2024 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448632 In a manufacturing context, alleged bogus purchase additions may be restricted to a reasonable percentage where material receipt, consumption records, manufacturing loss, and gross profit data support partial genuineness; the addition was confined to 2% of the disputed purchases. CSR donations paid to institutions eligible under section 80G were treated as allowable deduction, subject to the statutory conditions. Year-end mark-to-market loss on forward contracts used to hedge export currency exposure was allowed as a business loss. Section 14A disallowance was required to be recomputed only against investments actually yielding exempt income. Case-Laws Income Tax Wed, 20 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448632