https://www.taxtmi.com/caselaws?id=754209 ITAT Chennai rectified two mistakes in its earlier order. First, regarding forward premium on foreign exchange contracts under section 43A, the Tribunal clarified that section 43A applies only to imported assets, not working capital loans or domestic assets. The matter was remitted to AO for verification of forward premium categorization. Second, concerning disallowance under section 14A read with Rule 8D, the Tribunal found CIT(A) improperly enhanced disallowance from Rs. 4,57,368/- to Rs. 18,28,080/- without proper notice. The Tribunal rectified both errors, allowing the assessee's miscellaneous application for statistical purposes. en-us Wed, 12 Jun 2024 00:00:00 +0530 Wed, 19 Jun 2024 08:33:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754209 ITAT Chennai rectified two mistakes in its earlier order. First, regarding forward premium on foreign exchange contracts under section 43A, the Tribunal clarified that section 43A applies only to imported assets, not working capital loans or domestic assets. The matter was remitted to AO for verification of forward premium categorization. Second, concerning disallowance under section 14A read with Rule 8D, the Tribunal found CIT(A) improperly enhanced disallowance from Rs. 4,57,368/- to Rs. 18,28,080/- without proper notice. The Tribunal rectified both errors, allowing the assessee's miscellaneous application for statistical purposes. Case-Laws Income Tax Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754209