https://www.taxtmi.com/caselaws?id=449362 ITAT Mumbai ruled in favor of the assessee on multiple issues. The tribunal deleted disallowance under section 14A/Rule 8D regarding interest expenditure for tonnage tax business, following precedent and finding assessee had surplus funds exceeding investments. Foreign exchange gain from cancelled vessel construction was held as capital receipt, not taxable under section 28(iv). Performance guarantee transfer pricing adjustment was remanded with specific directions limiting scope and duration. General average insurance claims were treated as tonnage tax income following earlier tribunal decisions. TDS credit issue was remanded for examination. Appeal partly allowed. en-us Wed, 31 Jan 2024 00:00:00 +0530 Fri, 09 Feb 2024 09:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449362 ITAT Mumbai ruled in favor of the assessee on multiple issues. The tribunal deleted disallowance under section 14A/Rule 8D regarding interest expenditure for tonnage tax business, following precedent and finding assessee had surplus funds exceeding investments. Foreign exchange gain from cancelled vessel construction was held as capital receipt, not taxable under section 28(iv). Performance guarantee transfer pricing adjustment was remanded with specific directions limiting scope and duration. General average insurance claims were treated as tonnage tax income following earlier tribunal decisions. TDS credit issue was remanded for examination. Appeal partly allowed. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449362