https://www.taxtmi.com/caselaws?id=463170 The ITAT Ahmedabad dismissed the addition under section 145A relating to disallowance of CENVAT receivable, holding that such receivable is not income, relying on the Supreme Court precedent in CIT vs. Indo Nippon Chemicals Ltd. The disallowance under section 14A read with Rule 8D was also rejected, as the assessee had made a suo moto addition for expenditure relating to exempt income and had sufficient interest-free funds, with capital and reserves far exceeding investments. Both grounds raised by the department were dismissed. en-us Tue, 26 Sep 2017 00:00:00 +0530 Mon, 11 Aug 2025 20:56:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463170 The ITAT Ahmedabad dismissed the addition under section 145A relating to disallowance of CENVAT receivable, holding that such receivable is not income, relying on the Supreme Court precedent in CIT vs. Indo Nippon Chemicals Ltd. The disallowance under section 14A read with Rule 8D was also rejected, as the assessee had made a suo moto addition for expenditure relating to exempt income and had sufficient interest-free funds, with capital and reserves far exceeding investments. Both grounds raised by the department were dismissed. Case-Laws Income Tax Tue, 26 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463170