https://www.taxtmi.com/caselaws?id=462267 ITAT Chandigarh allowed partial disallowance of Rs. 3 lacs under section 14A (after crediting assessee's suo motu disallowance of Rs. 2 lacs). No disallowance under section 36(i)(iii) following Reliance Industries SC precedent as assessee had sufficient own funds. FCCB premium treated as revenue expenditure based on tribunal's own precedent. Section 40(a)(ia) disallowance deleted as payments to foreign agents were not taxable in India. Interest income classified as 'income from other sources' with netting allowed against related expenditure. Section 80IB/80IC deduction partly allowed excluding rent income. Sales tax subsidy treated as capital receipt. Revenue's appeal on excess power expenditure dismissed. en-us Thu, 14 Mar 2019 00:00:00 +0530 Fri, 06 Jun 2025 19:24:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462267 ITAT Chandigarh allowed partial disallowance of Rs. 3 lacs under section 14A (after crediting assessee's suo motu disallowance of Rs. 2 lacs). No disallowance under section 36(i)(iii) following Reliance Industries SC precedent as assessee had sufficient own funds. FCCB premium treated as revenue expenditure based on tribunal's own precedent. Section 40(a)(ia) disallowance deleted as payments to foreign agents were not taxable in India. Interest income classified as 'income from other sources' with netting allowed against related expenditure. Section 80IB/80IC deduction partly allowed excluding rent income. Sales tax subsidy treated as capital receipt. Revenue's appeal on excess power expenditure dismissed. Case-Laws Income Tax Thu, 14 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462267