https://www.taxtmi.com/caselaws?id=285258 The Tribunal upheld the CIT(A)'s decision to allow the assessee's deduction under Section 80IA for profits from standalone warehouses, citing a certificate from the Port Authority. It also upheld the deduction under Section 80IB for handling food grains, rejecting the Revenue's argument on notional profits. Disallowance of ocean freight payments to NRI shipping owners was deleted based on CBDT Circular No. 723, but the matter was sent back for payments to Indian beneficiaries. The Tribunal supported the CIT(A)'s deletion of disallowance for loan redemption reserve and commission expenses, while dismissing issues on freight payment to suppliers and sale of DEPB license. The case was remanded for fresh consideration on reimbursement of freight charges. The Revenue's appeal was dismissed, and the assessee's appeal was partly allowed. en-us Wed, 21 Mar 2018 00:00:00 +0530 Sun, 05 Jan 2020 09:59:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285258 The Tribunal upheld the CIT(A)'s decision to allow the assessee's deduction under Section 80IA for profits from standalone warehouses, citing a certificate from the Port Authority. It also upheld the deduction under Section 80IB for handling food grains, rejecting the Revenue's argument on notional profits. Disallowance of ocean freight payments to NRI shipping owners was deleted based on CBDT Circular No. 723, but the matter was sent back for payments to Indian beneficiaries. The Tribunal supported the CIT(A)'s deletion of disallowance for loan redemption reserve and commission expenses, while dismissing issues on freight payment to suppliers and sale of DEPB license. The case was remanded for fresh consideration on reimbursement of freight charges. The Revenue's appeal was dismissed, and the assessee's appeal was partly allowed. Case-Laws Income Tax Wed, 21 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285258