https://www.taxtmi.com/caselaws?id=312559 The ITAT Mumbai allowed the assessee's appeal on multiple grounds for AY 2009-10. The tribunal directed AO/TPO to recompute interest on subsidiary loans based on rates prevalent in countries where loans were received, following precedent from AY 2008-09. Section 14A disallowance was restricted to dividend income earned during the relevant year. Expenditure on freebies to medical practitioners was allowed under section 37(1) as MCI regulations prohibiting such practices were amended only from December 14, 2009, after the assessment year. The tribunal upheld CIT(A)'s deletion of various additions including corporate guarantee fee adjustment, notional interest on fund infusion, and provisions for marked-to-market losses and gratuity for MAT computation under section 115JB. en-us Fri, 10 Feb 2023 00:00:00 +0530 Sat, 24 Feb 2024 06:29:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312559 The ITAT Mumbai allowed the assessee's appeal on multiple grounds for AY 2009-10. The tribunal directed AO/TPO to recompute interest on subsidiary loans based on rates prevalent in countries where loans were received, following precedent from AY 2008-09. Section 14A disallowance was restricted to dividend income earned during the relevant year. Expenditure on freebies to medical practitioners was allowed under section 37(1) as MCI regulations prohibiting such practices were amended only from December 14, 2009, after the assessment year. The tribunal upheld CIT(A)'s deletion of various additions including corporate guarantee fee adjustment, notional interest on fund infusion, and provisions for marked-to-market losses and gratuity for MAT computation under section 115JB. Case-Laws Income Tax Fri, 10 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312559