https://www.taxtmi.com/caselaws?id=451097 ITAT Chennai partially allowed the assessee's appeal. The tribunal upheld disallowance of other expenses under Section 14A but deleted interest disallowance as the assessee had sufficient own funds exceeding investments in exempt securities, following SC precedent in South Indian Bank Ltd. For Section 115JB computation, additions under Section 14A were directed to be deleted. Interest income treatment during pre-commencement period was accepted following SC decision in Karnal Co-operative Sugar Mills. The tribunal deleted transfer pricing adjustments on capital goods imports from associated enterprises, accepting the assessee's "other method" for benchmarking, and consequently deleted related interest disallowance under Section 36(1)(iii). en-us Fri, 08 Mar 2024 00:00:00 +0530 Wed, 20 Mar 2024 09:18:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451097 ITAT Chennai partially allowed the assessee's appeal. The tribunal upheld disallowance of other expenses under Section 14A but deleted interest disallowance as the assessee had sufficient own funds exceeding investments in exempt securities, following SC precedent in South Indian Bank Ltd. For Section 115JB computation, additions under Section 14A were directed to be deleted. Interest income treatment during pre-commencement period was accepted following SC decision in Karnal Co-operative Sugar Mills. The tribunal deleted transfer pricing adjustments on capital goods imports from associated enterprises, accepting the assessee's "other method" for benchmarking, and consequently deleted related interest disallowance under Section 36(1)(iii). Case-Laws Income Tax Fri, 08 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451097