ITAT ruled in favor of assessee on interest on share application money & PF/ESIC contributions. Disallowance u/s 14A not applicable. TDS credit to be allowed. https://www.taxtmi.com/highlights?id=78325 The Appellate Tribunal held that re-characterizing share application money as a loan to charge interest is not justified. Disallowance of employees' PF and ESIC contribution under u/s. 36(1)(va) was remanded to AO for verification. No disallowance u/s. 14A when no exempt income earned. Disallowance under Rule 8D not applicable for book profit u/s. 115JB. Short credit of TDS to be verified by AO. Interest u/s. 234B and 234C to be re-examined. Various grounds allowed for statistical purposes. en-us Mon, 10 Jun 2024 07:43:27 +0530 Mon, 10 Jun 2024 07:43:27 +0530 TaxTMI RSS Generator ITAT ruled in favor of assessee on interest on share application money & PF/ESIC contributions. Disallowance u/s 14A not applicable. TDS credit to be allowed. https://www.taxtmi.com/highlights?id=78325 The Appellate Tribunal held that re-characterizing share application money as a loan to charge interest is not justified. Disallowance of employees' PF and ESIC contribution under u/s. 36(1)(va) was remanded to AO for verification. No disallowance u/s. 14A when no exempt income earned. Disallowance under Rule 8D not applicable for book profit u/s. 115JB. Short credit of TDS to be verified by AO. Interest u/s. 234B and 234C to be re-examined. Various grounds allowed for statistical purposes. Highlights Income Tax Mon, 10 Jun 2024 07:43:27 +0530 https://www.taxtmi.com/highlights?id=78325