https://www.taxtmi.com/caselaws?id=753265 ITAT Ahmedabad ruled on multiple tax issues for assessment years 2005-06 and 2006-07. The tribunal held foreign exchange fluctuation gains as capital receipts following Gujarat HC precedent. Section 10B export deduction was denied where sale consideration wasn't received within six months, but allowed for subsequent year after goods return. MAT computation excluded provision for bad debts following Vodafone Essar Gujarat HC ruling. Leave encashment deduction was disallowed per Supreme Court decision in Union of India vs. Exide Industries. Section 14A disallowance included both fixed and current capital investments in partnership firms. Corporate guarantee to associated enterprise required transfer pricing adjustment. Weighted deduction under section 35(2AB) for in-house R&D was allowed without DSIR certification requirement for AY 2011-12 following Gujarat HC precedent. en-us Wed, 24 Apr 2024 00:00:00 +0530 Wed, 29 May 2024 09:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753265 ITAT Ahmedabad ruled on multiple tax issues for assessment years 2005-06 and 2006-07. The tribunal held foreign exchange fluctuation gains as capital receipts following Gujarat HC precedent. Section 10B export deduction was denied where sale consideration wasn't received within six months, but allowed for subsequent year after goods return. MAT computation excluded provision for bad debts following Vodafone Essar Gujarat HC ruling. Leave encashment deduction was disallowed per Supreme Court decision in Union of India vs. Exide Industries. Section 14A disallowance included both fixed and current capital investments in partnership firms. Corporate guarantee to associated enterprise required transfer pricing adjustment. Weighted deduction under section 35(2AB) for in-house R&D was allowed without DSIR certification requirement for AY 2011-12 following Gujarat HC precedent. Case-Laws Income Tax Wed, 24 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753265