https://www.taxtmi.com/caselaws?id=755612 The ITAT Mumbai allowed the assessee's appeal partly for AY 1999-2000. The tribunal directed recomputation of deduction u/s 36(1)(viii) excluding interest income from housing finance for non-residential purposes, following precedent from AY 1998-99. Expenses allocation was modified from arbitrary 80:20 ratio to actual ratio based on eligible/ineligible business income. No disallowance was required u/s 14A for tax-free bonds as assessee had sufficient own funds. Non-compete fees received were held as capital receipts not taxable since amendment u/s 28(va) applied prospectively from 2003. Stock option discount amortization was allowed as deduction following judicial precedents. en-us Fri, 05 Jul 2024 00:00:00 +0530 Mon, 15 Jul 2024 07:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755612 The ITAT Mumbai allowed the assessee's appeal partly for AY 1999-2000. The tribunal directed recomputation of deduction u/s 36(1)(viii) excluding interest income from housing finance for non-residential purposes, following precedent from AY 1998-99. Expenses allocation was modified from arbitrary 80:20 ratio to actual ratio based on eligible/ineligible business income. No disallowance was required u/s 14A for tax-free bonds as assessee had sufficient own funds. Non-compete fees received were held as capital receipts not taxable since amendment u/s 28(va) applied prospectively from 2003. Stock option discount amortization was allowed as deduction following judicial precedents. Case-Laws Income Tax Fri, 05 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755612