https://www.taxtmi.com/caselaws?id=336430 The Tribunal upheld the disallowance of additional depreciation claimed by the assessee under Section 32(1)(iia) of the Income Tax Act, stating that electricity generation does not qualify as manufacturing. It agreed with the CIT on the incorrect set-off of business losses and unabsorbed depreciation, directing a reevaluation by the AO. The treatment of a Government Grant was deemed appropriate, contrary to the CIT's view. The Tribunal supported the CIT's decision to add back a provision for a Cooling Tower collapse to book profits under Section 115JB, finding it non-compliant with Accounting Standard-10. The appeal was partly allowed, modifying the CIT's order. en-us Tue, 13 Dec 2016 00:00:00 +0530 Wed, 21 Dec 2016 11:54:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336430 The Tribunal upheld the disallowance of additional depreciation claimed by the assessee under Section 32(1)(iia) of the Income Tax Act, stating that electricity generation does not qualify as manufacturing. It agreed with the CIT on the incorrect set-off of business losses and unabsorbed depreciation, directing a reevaluation by the AO. The treatment of a Government Grant was deemed appropriate, contrary to the CIT's view. The Tribunal supported the CIT's decision to add back a provision for a Cooling Tower collapse to book profits under Section 115JB, finding it non-compliant with Accounting Standard-10. The appeal was partly allowed, modifying the CIT's order. Case-Laws Income Tax Tue, 13 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336430