https://www.taxtmi.com/caselaws?id=380652 The Tribunal upheld the CIT(A)'s decision on the allowability of expenses on shelved projects and feasibility studies, ruling them as revenue expenses. The Tribunal initially agreed with the CIT(A) in excluding taxation of foreign exchange gain on repatriation of Euro Notes but later referred the issue back to the AO for reevaluation. The Tribunal upheld the provision for wages as an accrued liability, allowed deduction under Section 80IA for "other income," and directed verification of income sources. The Tribunal reversed the treatment of income from broadband project trial runs and sale of scrap as revenue income, and directed fresh adjudication on disallowance under Section 40A(9) for payments to local schools. en-us Tue, 21 May 2019 00:00:00 +0530 Fri, 24 May 2019 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380652 The Tribunal upheld the CIT(A)'s decision on the allowability of expenses on shelved projects and feasibility studies, ruling them as revenue expenses. The Tribunal initially agreed with the CIT(A) in excluding taxation of foreign exchange gain on repatriation of Euro Notes but later referred the issue back to the AO for reevaluation. The Tribunal upheld the provision for wages as an accrued liability, allowed deduction under Section 80IA for "other income," and directed verification of income sources. The Tribunal reversed the treatment of income from broadband project trial runs and sale of scrap as revenue income, and directed fresh adjudication on disallowance under Section 40A(9) for payments to local schools. Case-Laws Income Tax Tue, 21 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380652