https://www.taxtmi.com/caselaws?id=60582 The Tribunal ruled that the notional gain of Rs. 1,26,46,298 from a foreign currency swap is not taxable as it was not realized. The disallowance of Rs. 1,41,148 for project office expenses was remanded to the AO for reevaluation. The Tribunal limited the disallowance under Section 14A to 1% of tax-free dividends. An ad hoc disallowance of Rs. 6,46,970 for repairs and advertisement expenses was upheld. The disallowance of Rs. 50,19,658 in interest on advances to a subsidiary was deleted. The Rs. 5,00,000 disallowance for staff welfare expenses was remanded for further examination. en-us Fri, 25 Jan 2008 00:00:00 +0530 Fri, 19 Jan 2024 09:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60582 The Tribunal ruled that the notional gain of Rs. 1,26,46,298 from a foreign currency swap is not taxable as it was not realized. The disallowance of Rs. 1,41,148 for project office expenses was remanded to the AO for reevaluation. The Tribunal limited the disallowance under Section 14A to 1% of tax-free dividends. An ad hoc disallowance of Rs. 6,46,970 for repairs and advertisement expenses was upheld. The disallowance of Rs. 50,19,658 in interest on advances to a subsidiary was deleted. The Rs. 5,00,000 disallowance for staff welfare expenses was remanded for further examination. Case-Laws Income Tax Fri, 25 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60582