https://www.taxtmi.com/caselaws?id=449550 Amortisation of lease payments was allowed only in part: the disallowance relating to the Noida Authority lease was upheld, while the balance concerning the Visakhapatnam and Tuticorin land claims was remanded for fresh examination on the same factual basis as earlier years. A disallowance under section 14A read with rule 8D was not sustained because no exempt income had been earned, consistent with the binding view that section 14A does not apply in the absence of exempt income. The assessee was also held entitled to deemed tax credit under the India-Oman DTAA, as the treaty relief extended to dividend income exempt under Omani law as an economic incentive. en-us Mon, 12 Feb 2024 00:00:00 +0530 Wed, 14 Feb 2024 07:15:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449550 Amortisation of lease payments was allowed only in part: the disallowance relating to the Noida Authority lease was upheld, while the balance concerning the Visakhapatnam and Tuticorin land claims was remanded for fresh examination on the same factual basis as earlier years. A disallowance under section 14A read with rule 8D was not sustained because no exempt income had been earned, consistent with the binding view that section 14A does not apply in the absence of exempt income. The assessee was also held entitled to deemed tax credit under the India-Oman DTAA, as the treaty relief extended to dividend income exempt under Omani law as an economic incentive. Case-Laws Income Tax Mon, 12 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449550