https://www.taxtmi.com/caselaws?id=460450 ITAT Ahmedabad remanded the matter to AO for fresh adjudication on disallowance u/s. 14A, directing calculation based on facts and figures for the relevant assessment year. The tribunal held that interest income from staff loans and miscellaneous receipts constitute business income, not income from other sources, following Gujarat HC precedent. Revenue's appeal for disallowing interest expenses on CWIP was dismissed, as the tribunal found the expenditure related to existing buildings already in use. The tribunal also rejected Revenue's ground to include s. 14A disallowance in book profit computation u/s. 115JB, following jurisdictional HC judgment. en-us Thu, 08 Aug 2024 00:00:00 +0530 Fri, 24 Jan 2025 19:48:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460450 ITAT Ahmedabad remanded the matter to AO for fresh adjudication on disallowance u/s. 14A, directing calculation based on facts and figures for the relevant assessment year. The tribunal held that interest income from staff loans and miscellaneous receipts constitute business income, not income from other sources, following Gujarat HC precedent. Revenue's appeal for disallowing interest expenses on CWIP was dismissed, as the tribunal found the expenditure related to existing buildings already in use. The tribunal also rejected Revenue's ground to include s. 14A disallowance in book profit computation u/s. 115JB, following jurisdictional HC judgment. Case-Laws Income Tax Thu, 08 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460450