https://www.taxtmi.com/caselaws?id=192341 The Tribunal upheld the Revenue's position that income must be directly derived from the business of developing or operating infrastructure facilities to qualify for deductions under Section 80-IA. It directed the Assessing Officer to adjust profits and gains computed under Section 80-IB(4) from book profit for taxable income under Section 115JA. The Tribunal dismissed the Revenue's appeal to add Rs. 61 Crores in book profit computation under Section 115JA. Issues regarding depreciation on steel purchase and capitalization of foreign exchange fluctuation were remitted for reassessment. The Tribunal directed a reasonable estimation of disallowance under Section 14A and verification of Form 10CCAC for deduction under Section 80HHC. The matter of set-off of losses while computing book profit was also remitted for further consideration. Both parties' appeals were partly allowed for statistical purposes. en-us Fri, 23 Sep 2016 00:00:00 +0530 Thu, 25 May 2017 17:34:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192341 The Tribunal upheld the Revenue's position that income must be directly derived from the business of developing or operating infrastructure facilities to qualify for deductions under Section 80-IA. It directed the Assessing Officer to adjust profits and gains computed under Section 80-IB(4) from book profit for taxable income under Section 115JA. The Tribunal dismissed the Revenue's appeal to add Rs. 61 Crores in book profit computation under Section 115JA. Issues regarding depreciation on steel purchase and capitalization of foreign exchange fluctuation were remitted for reassessment. The Tribunal directed a reasonable estimation of disallowance under Section 14A and verification of Form 10CCAC for deduction under Section 80HHC. The matter of set-off of losses while computing book profit was also remitted for further consideration. Both parties' appeals were partly allowed for statistical purposes. Case-Laws Income Tax Fri, 23 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192341