https://www.taxtmi.com/caselaws?id=755570 Gujarat HC ruled in favor of the assessee on two tax issues. First, regarding section 14A read with rule 8D additions, the court held that no disallowance beyond what the assessee had voluntarily disallowed could be made, as related investments were from the company's own funds. The ITAT's deletion of the addition was upheld. Second, concerning section 80IA(4) disallowance for captive power generation, the court decided in favor of the assessee, following precedents from Tamilnadu Petro Products Ltd. and Cethar Ltd. cases from Madras HC. en-us Mon, 06 May 2024 00:00:00 +0530 Mon, 15 Jul 2024 08:19:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755570 Gujarat HC ruled in favor of the assessee on two tax issues. First, regarding section 14A read with rule 8D additions, the court held that no disallowance beyond what the assessee had voluntarily disallowed could be made, as related investments were from the company's own funds. The ITAT's deletion of the addition was upheld. Second, concerning section 80IA(4) disallowance for captive power generation, the court decided in favor of the assessee, following precedents from Tamilnadu Petro Products Ltd. and Cethar Ltd. cases from Madras HC. Case-Laws Income Tax Mon, 06 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755570