https://www.taxtmi.com/caselaws?id=286893 The Tribunal upheld the CIT(A)'s decision to treat notional sales tax as a capital receipt not liable to tax under Section 43B, following a Special Bench decision. It directed the AO to delete the disallowance of interest and restrict administrative expenses disallowance to 1% of exempt income under Section 14A. The Tribunal confirmed disallowance of depreciation on goods but allowed depreciation on jetties as an intangible asset. It remanded the disallowance of professional fees for fresh adjudication and restricted adjustments to arm's length price for transactions. Sales tax incentives were treated as capital receipts, and various deductions were upheld or remanded for reassessment. en-us Wed, 12 Apr 2017 00:00:00 +0530 Fri, 20 Mar 2020 09:59:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286893 The Tribunal upheld the CIT(A)'s decision to treat notional sales tax as a capital receipt not liable to tax under Section 43B, following a Special Bench decision. It directed the AO to delete the disallowance of interest and restrict administrative expenses disallowance to 1% of exempt income under Section 14A. The Tribunal confirmed disallowance of depreciation on goods but allowed depreciation on jetties as an intangible asset. It remanded the disallowance of professional fees for fresh adjudication and restricted adjustments to arm's length price for transactions. Sales tax incentives were treated as capital receipts, and various deductions were upheld or remanded for reassessment. Case-Laws Income Tax Wed, 12 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286893