https://www.taxtmi.com/caselaws?id=273091 The Tribunal upheld the reopening of assessment under Section 147 of the IT Act due to the omission of amortization of mining and leasehold land. It directed the treatment of such expenses as capital expenditure. Receipts from the sale of Carbon Emission Reduction Certificates were held as capital and not eligible for deduction under Section 80IA. Various expenses were disallowed for not being wholly and exclusively for business purposes. The Tribunal directed the AO to verify specific claims and follow precedents in allowing deductions. The decisions were based on legal principles and case-specific facts, leading to partial allowance of appeals with specific directions for reassessment. en-us Tue, 30 May 2017 00:00:00 +0530 Tue, 05 Jun 2018 07:54:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273091 The Tribunal upheld the reopening of assessment under Section 147 of the IT Act due to the omission of amortization of mining and leasehold land. It directed the treatment of such expenses as capital expenditure. Receipts from the sale of Carbon Emission Reduction Certificates were held as capital and not eligible for deduction under Section 80IA. Various expenses were disallowed for not being wholly and exclusively for business purposes. The Tribunal directed the AO to verify specific claims and follow precedents in allowing deductions. The decisions were based on legal principles and case-specific facts, leading to partial allowance of appeals with specific directions for reassessment. Case-Laws Income Tax Tue, 30 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273091