https://www.taxtmi.com/caselaws?id=767066 ITAT Delhi allowed the assessee's appeal on multiple grounds. The tribunal deleted disallowance under Section 14A read with Rule 8D, finding that interest-free own funds exceeded investments in controlled entities and no expenditure was required to earn dividend income, following South Indian Bank Ltd. precedent. Regarding MEIS scheme rewards, the tribunal held these export incentives were capital receipts not chargeable to tax under normal provisions, relying on Eastman Exports Global Clothing precedent. For MAT computation under Section 115JB, the tribunal directed exclusion of MEIS amounts as capital receipts from book profit calculation, following Ankit Metal and Power Limited precedent. en-us Wed, 05 Mar 2025 00:00:00 +0530 Mon, 10 Mar 2025 08:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767066 ITAT Delhi allowed the assessee's appeal on multiple grounds. The tribunal deleted disallowance under Section 14A read with Rule 8D, finding that interest-free own funds exceeded investments in controlled entities and no expenditure was required to earn dividend income, following South Indian Bank Ltd. precedent. Regarding MEIS scheme rewards, the tribunal held these export incentives were capital receipts not chargeable to tax under normal provisions, relying on Eastman Exports Global Clothing precedent. For MAT computation under Section 115JB, the tribunal directed exclusion of MEIS amounts as capital receipts from book profit calculation, following Ankit Metal and Power Limited precedent. Case-Laws Income Tax Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767066