https://www.taxtmi.com/caselaws?id=753710 ITAT Mumbai held in favor of the assessee on multiple grounds. The Tribunal allowed the assessee's methodology for computing disallowance under Section 14A, consistent with previous years, despite Rule 8D's introduction. Expenditure on shelved projects was treated as revenue following consistent precedent. Prior period expenses were allowed under mercantile accounting. Discount on Euro Notes write-off was permitted based on coordinate bench decisions. Deduction under Section 80IA for wind power project was allowed, establishing AY 2007-08 as initial year. Additional depreciation claim was accepted. Transfer pricing adjustments were partly allowed, with guarantee fee rate set at 0.5% and weighted average interest rate accepted for inter-company loans. en-us Fri, 12 Jan 2024 00:00:00 +0530 Fri, 07 Jun 2024 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753710 ITAT Mumbai held in favor of the assessee on multiple grounds. The Tribunal allowed the assessee's methodology for computing disallowance under Section 14A, consistent with previous years, despite Rule 8D's introduction. Expenditure on shelved projects was treated as revenue following consistent precedent. Prior period expenses were allowed under mercantile accounting. Discount on Euro Notes write-off was permitted based on coordinate bench decisions. Deduction under Section 80IA for wind power project was allowed, establishing AY 2007-08 as initial year. Additional depreciation claim was accepted. Transfer pricing adjustments were partly allowed, with guarantee fee rate set at 0.5% and weighted average interest rate accepted for inter-company loans. Case-Laws Income Tax Fri, 12 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753710