https://www.taxtmi.com/caselaws?id=312768 The ITAT Ahmedabad remanded multiple issues to the Assessing Officer for fresh adjudication. The disallowance under section 14A was remanded for examination, with disallowance capped at exempted income earned. Guarantee fees capitalization issue was set aside for proper verification of loan utilization certificates. Prior period expenses and income matters were remanded for de novo adjudication. The appeal regarding 15% addition on capital grants was dismissed, following favorable HC Gujarat precedent that grants cannot be reduced from fixed asset costs when no depreciation is claimed. Interest and miscellaneous income were confirmed as business income, not income from other sources, following jurisdictional HC judgment. Revenue's ground for section 14A disallowance in MAT computation was deleted. en-us Mon, 31 Jul 2023 00:00:00 +0530 Wed, 06 Mar 2024 05:54:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312768 The ITAT Ahmedabad remanded multiple issues to the Assessing Officer for fresh adjudication. The disallowance under section 14A was remanded for examination, with disallowance capped at exempted income earned. Guarantee fees capitalization issue was set aside for proper verification of loan utilization certificates. Prior period expenses and income matters were remanded for de novo adjudication. The appeal regarding 15% addition on capital grants was dismissed, following favorable HC Gujarat precedent that grants cannot be reduced from fixed asset costs when no depreciation is claimed. Interest and miscellaneous income were confirmed as business income, not income from other sources, following jurisdictional HC judgment. Revenue's ground for section 14A disallowance in MAT computation was deleted. Case-Laws Income Tax Mon, 31 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312768