https://www.taxtmi.com/caselaws?id=763472 ITAT Ahmedabad allowed the assessee's appeal on multiple grounds. The tribunal held no disallowance of interest expenditure was warranted under section 14A as interest-free funds substantially exceeded exempt income investments, following Gujarat HC precedent. Administrative expenditure disallowance was restricted to Rs. 17,50,000. The tribunal rejected capitalization of interest on capital work-in-progress as no specific loans were raised for such purposes. CSR expenses disallowance was upheld under section 37(1) explanation 2. Weighted deduction claim under section 35(2AB) was denied due to post-amendment provisions. GSFC donation remained eligible for 80G deduction. Section 14A disallowance was excluded from book profit computation under section 115JB. en-us Tue, 17 Dec 2024 00:00:00 +0530 Thu, 19 Dec 2024 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763472 ITAT Ahmedabad allowed the assessee's appeal on multiple grounds. The tribunal held no disallowance of interest expenditure was warranted under section 14A as interest-free funds substantially exceeded exempt income investments, following Gujarat HC precedent. Administrative expenditure disallowance was restricted to Rs. 17,50,000. The tribunal rejected capitalization of interest on capital work-in-progress as no specific loans were raised for such purposes. CSR expenses disallowance was upheld under section 37(1) explanation 2. Weighted deduction claim under section 35(2AB) was denied due to post-amendment provisions. GSFC donation remained eligible for 80G deduction. Section 14A disallowance was excluded from book profit computation under section 115JB. Case-Laws Income Tax Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763472