Various tax issues: Foreign Exchange Gain, Deduction u/s 10B, MAT computation, Leave Encashment, 14A r.w.r. 8D, TP Adjustment, Weighted deduction u/s 35(2AB).

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The ITAT Ahmedabad ruled on various tax issues. It upheld that Foreign Exchange Fluctuation Gain is capital in nature. Deduction u/s 10B was denied as sales consideration wasn't received timely. MAT computation didn't require adding back provision for bad debts. Leave encashment deduction was disallowed u/s 43B. Disallowance u/s 14A r.w.r. 8D was confirmed based on partnership firm investments. TP Adjustment for Corporate Guarantee was upheld. Weighted deduction u/s 35(2AB) was allowed as DSIR certification wasn't mandatory for in-house R&D expenses. The assessee succeeded in its appeal.....