https://www.taxtmi.com/caselaws?id=451235 The Bombay HC dismissed most grounds in this tax appeal, finding no substantial questions of law. The court upheld the Tribunal's decisions on: (1) treating notional sales tax as revenue receipt based on SC precedent; (2) restricting Section 14A disallowance to 0.50% of exempt income due to AO's lack of reasoning; (3) limiting guarantee commission to 0.38% instead of AO's 2.90% rate; (4) rejecting depreciation adjustment as consequential to earlier years; and (5) allowing Section 80IA deduction based on market power rates per previous HC ruling affirmed by SC. Only one question regarding interest on loans at LIBOR +1.50% versus 7.5% was admitted for consideration. en-us Wed, 13 Mar 2024 00:00:00 +0530 Fri, 03 Apr 2026 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451235 The Bombay HC dismissed most grounds in this tax appeal, finding no substantial questions of law. The court upheld the Tribunal's decisions on: (1) treating notional sales tax as revenue receipt based on SC precedent; (2) restricting Section 14A disallowance to 0.50% of exempt income due to AO's lack of reasoning; (3) limiting guarantee commission to 0.38% instead of AO's 2.90% rate; (4) rejecting depreciation adjustment as consequential to earlier years; and (5) allowing Section 80IA deduction based on market power rates per previous HC ruling affirmed by SC. Only one question regarding interest on loans at LIBOR +1.50% versus 7.5% was admitted for consideration. Case-Laws Income Tax Wed, 13 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451235