https://www.taxtmi.com/caselaws?id=780861 ITAT upheld CIT(A)'s restriction of section 14A disallowance to the amount of exempt income and deletion of the 115JB book-profit adjustment, directed the AO to re-compute disallowance under Rule 8D consistent with the Vireet line, and dismissed the revenue's appeal while allowing the cross-objection for statistical purposes. The tribunal also held the helicopter to be a long-term capital asset despite prior depreciation; the gain on sale is to be treated in consonance with long-term capital loss set-off rules, allowing the assessee's ground on characterization of the gain. en-us Tue, 14 Oct 2025 00:00:00 +0530 Fri, 07 Nov 2025 08:37:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780861 ITAT upheld CIT(A)'s restriction of section 14A disallowance to the amount of exempt income and deletion of the 115JB book-profit adjustment, directed the AO to re-compute disallowance under Rule 8D consistent with the Vireet line, and dismissed the revenue's appeal while allowing the cross-objection for statistical purposes. The tribunal also held the helicopter to be a long-term capital asset despite prior depreciation; the gain on sale is to be treated in consonance with long-term capital loss set-off rules, allowing the assessee's ground on characterization of the gain. Case-Laws Income Tax Tue, 14 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780861