https://www.taxtmi.com/caselaws?id=779620 ITAT partly allowed the appeal. The AO was directed to delete the excess disallowance of short-term capital losses and to re-examine the loss on the penny-stock scrip after affording the assessee full opportunity of hearing and furnishing the material relied upon. Disallowance of contractual penalty payments was overturned as business expenses. The AO's addition under s.14A read with Rule 8D to book profits u/s.115JB was deleted. Subsidies under the Foreign Trade Policy, SHIS/FPS incentives and proceeds from sale of carbon credits were held to be capital/off-business receipts and excluded from book profit computation under s.115JB. en-us Mon, 15 Sep 2025 00:00:00 +0530 Thu, 09 Oct 2025 08:54:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779620 ITAT partly allowed the appeal. The AO was directed to delete the excess disallowance of short-term capital losses and to re-examine the loss on the penny-stock scrip after affording the assessee full opportunity of hearing and furnishing the material relied upon. Disallowance of contractual penalty payments was overturned as business expenses. The AO's addition under s.14A read with Rule 8D to book profits u/s.115JB was deleted. Subsidies under the Foreign Trade Policy, SHIS/FPS incentives and proceeds from sale of carbon credits were held to be capital/off-business receipts and excluded from book profit computation under s.115JB. Case-Laws Income Tax Mon, 15 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779620