https://www.taxtmi.com/caselaws?id=460429 ITAT Chennai remitted TP adjustment on interest-free loans to AO for verification of surplus funds and nexus with borrowed loans. Corporate guarantee TP adjustment restricted to 0.5% following HC precedents. Section 35(2AB) deduction allowed despite DSIR non-approval as amendment wasn't applicable. Software expenditure and leasehold land depreciation remitted to AO for nature verification. Foreign exchange loss on ECB for domestic assets allowed as revenue expenditure under section 37, not hit by section 43A. Interest on diverted funds allowed as assessee had sufficient own funds. Section 14A disallowance modified - Rule 8D(2)(iii) to apply only on dividend-yielding investments. Appeal partly allowed. en-us Fri, 26 Jul 2024 00:00:00 +0530 Thu, 23 Jan 2025 19:45:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460429 ITAT Chennai remitted TP adjustment on interest-free loans to AO for verification of surplus funds and nexus with borrowed loans. Corporate guarantee TP adjustment restricted to 0.5% following HC precedents. Section 35(2AB) deduction allowed despite DSIR non-approval as amendment wasn't applicable. Software expenditure and leasehold land depreciation remitted to AO for nature verification. Foreign exchange loss on ECB for domestic assets allowed as revenue expenditure under section 37, not hit by section 43A. Interest on diverted funds allowed as assessee had sufficient own funds. Section 14A disallowance modified - Rule 8D(2)(iii) to apply only on dividend-yielding investments. Appeal partly allowed. Case-Laws Income Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460429