https://www.taxtmi.com/highlights?id=78326 The ITAT addressed various issues including disallowance u/s 14A r.w.r.8D, where Revenue challenged deletion of disallowance made by AO. ITAT upheld CIT(A)'s decision, finding AO incorrectly treated expenses as direct, supporting Assessee's claim. CIT(A) correctly presumed investments made from interest-free funds. AO erred in not accepting Assessee's computation of disallowance, hence ITAT deleted disallowance u/s 14A. ITAT allowed Assessee's fresh claim for deduction u/s 37(1) for ERV loss, remanding for verification. ITAT upheld deduction of establishment expenses as revenue expenditure. ITAT dismissed Revenue's appeal on inclusion of ERV in inventory valuation. ITAT upheld CIT(A)'s order on Book Profits u/s 115JB and provision for Leave..... en-us Mon, 10 Jun 2024 07:43:31 +0530 Mon, 10 Jun 2024 07:43:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78326 The ITAT addressed various issues including disallowance u/s 14A r.w.r.8D, where Revenue challenged deletion of disallowance made by AO. ITAT upheld CIT(A)'s decision, finding AO incorrectly treated expenses as direct, supporting Assessee's claim. CIT(A) correctly presumed investments made from interest-free funds. AO erred in not accepting Assessee's computation of disallowance, hence ITAT deleted disallowance u/s 14A. ITAT allowed Assessee's fresh claim for deduction u/s 37(1) for ERV loss, remanding for verification. ITAT upheld deduction of establishment expenses as revenue expenditure. ITAT dismissed Revenue's appeal on inclusion of ERV in inventory valuation. ITAT upheld CIT(A)'s order on Book Profits u/s 115JB and provision for Leave..... Highlights Income Tax Mon, 10 Jun 2024 07:43:31 +0530 https://www.taxtmi.com/highlights?id=78326