https://www.taxtmi.com/caselaws?id=195563 The Tribunal allowed the assessee's appeals, overturning the lower authorities' orders. Deduction under Section 80IB for LPG plants was upheld, disallowance under Section 14A was deleted due to lack of proper basis, deposits with government/local agencies were allowed as revenue expenditure, amortization of premium on leasehold land was accepted as revenue expenditure, additional depreciation was allowed due to the manufacturing nature of bottling LPG gas, and interest income on oil bonds was directed to be assessed under "Profits and Gains of Business." The matters related to reopening of assessment and head of income for interest on oil bonds were referred back to the CIT(A) for re-adjudication. en-us Wed, 14 Jun 2017 00:00:00 +0530 Sat, 04 Nov 2017 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195563 The Tribunal allowed the assessee's appeals, overturning the lower authorities' orders. Deduction under Section 80IB for LPG plants was upheld, disallowance under Section 14A was deleted due to lack of proper basis, deposits with government/local agencies were allowed as revenue expenditure, amortization of premium on leasehold land was accepted as revenue expenditure, additional depreciation was allowed due to the manufacturing nature of bottling LPG gas, and interest income on oil bonds was directed to be assessed under "Profits and Gains of Business." The matters related to reopening of assessment and head of income for interest on oil bonds were referred back to the CIT(A) for re-adjudication. Case-Laws Income Tax Wed, 14 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195563