https://www.taxtmi.com/caselaws?id=460245 ITAT Ahmedabad ruled in favor of the assessee on multiple grounds. The tribunal deleted the addition under Section 14A as no exempt income was earned, following the Gujarat HC precedent in Corrtech Energy case. It confirmed that Section 14A disallowance cannot be added to book profit under Section 115JB. The tribunal also deleted the transfer pricing adjustment regarding corporate guarantee, treating it as shareholder activity rather than international transaction under Section 92B, maintaining consistency with previous year's decision. However, the tribunal upheld disallowance of employees' PF and ESI contributions not deposited within prescribed time, following Gujarat HC ruling in Gujarat State Road Transport Corporation case. en-us Mon, 22 Feb 2021 00:00:00 +0530 Thu, 16 Jan 2025 20:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460245 ITAT Ahmedabad ruled in favor of the assessee on multiple grounds. The tribunal deleted the addition under Section 14A as no exempt income was earned, following the Gujarat HC precedent in Corrtech Energy case. It confirmed that Section 14A disallowance cannot be added to book profit under Section 115JB. The tribunal also deleted the transfer pricing adjustment regarding corporate guarantee, treating it as shareholder activity rather than international transaction under Section 92B, maintaining consistency with previous year's decision. However, the tribunal upheld disallowance of employees' PF and ESI contributions not deposited within prescribed time, following Gujarat HC ruling in Gujarat State Road Transport Corporation case. Case-Laws Income Tax Mon, 22 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460245