https://www.taxtmi.com/caselaws?id=312224 The ITAT Mumbai allowed the assessee's appeal on multiple grounds. The tribunal held that interest expenditure on loans initially taken for shipping business but later utilized for non-tonnage activities should be attributed to non-tonnage income. The Section 14A disallowance matter was remanded to the AO for re-examination considering the assessee's interest-free funds. Income from tonnage tax business was excluded from non-tonnage income classification. Capital gains computation was allowed to include seller's share of building repair and share certificate expenses. Transfer pricing adjustments were deleted for foreign loan transactions and performance guarantees, while financial guarantee commission was reduced to 0.55% following HC precedent. en-us Thu, 11 Aug 2022 00:00:00 +0530 Wed, 07 Feb 2024 17:58:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312224 The ITAT Mumbai allowed the assessee's appeal on multiple grounds. The tribunal held that interest expenditure on loans initially taken for shipping business but later utilized for non-tonnage activities should be attributed to non-tonnage income. The Section 14A disallowance matter was remanded to the AO for re-examination considering the assessee's interest-free funds. Income from tonnage tax business was excluded from non-tonnage income classification. Capital gains computation was allowed to include seller's share of building repair and share certificate expenses. Transfer pricing adjustments were deleted for foreign loan transactions and performance guarantees, while financial guarantee commission was reduced to 0.55% following HC precedent. Case-Laws Income Tax Thu, 11 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312224