https://www.taxtmi.com/caselaws?id=780430 ITAT MUMBAI upheld the CIT(A) and dismissed Revenue's appeal. The tribunal held the sales-tax/excise refund and state subsidies (including TUF) were capital receipts aimed at promoting new industry in the district and thus non-taxable. Disallowances under section 14A read with Rule 8D were deleted insofar as they related only to investments that yielded exempt income, following relevant High Court and Tribunal precedents. For MAT purposes under section 115JB, the tribunal confirmed book-profit computation should not incorporate 14A/Rule 8D adjustments. All challenged grounds by Revenue were rejected. en-us Mon, 27 Oct 2025 00:00:00 +0530 Thu, 30 Oct 2025 08:22:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780430 ITAT MUMBAI upheld the CIT(A) and dismissed Revenue's appeal. The tribunal held the sales-tax/excise refund and state subsidies (including TUF) were capital receipts aimed at promoting new industry in the district and thus non-taxable. Disallowances under section 14A read with Rule 8D were deleted insofar as they related only to investments that yielded exempt income, following relevant High Court and Tribunal precedents. For MAT purposes under section 115JB, the tribunal confirmed book-profit computation should not incorporate 14A/Rule 8D adjustments. All challenged grounds by Revenue were rejected. Case-Laws Income Tax Mon, 27 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780430