https://www.taxtmi.com/caselaws?id=403140 The ITAT dismissed most of the revenue's appeals and partly allowed the assessee's appeals in a case involving various tax disallowances and exemptions. The disallowance under Section 14A was deleted due to lack of necessary satisfaction by the AO. Expenses for school reimbursement, depreciation claims, VAT subsidy, sales tax exemption, entry tax exemption, and income from carbon credits were allowed as capital receipts. The ITAT directed the exclusion of these receipts from income computation under Section 115JB and remitted certain issues back to the AO for verification. Mine development expenses were allowed as revenue expenditure. en-us Mon, 04 Jan 2021 00:00:00 +0530 Wed, 20 Jan 2021 14:10:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403140 The ITAT dismissed most of the revenue's appeals and partly allowed the assessee's appeals in a case involving various tax disallowances and exemptions. The disallowance under Section 14A was deleted due to lack of necessary satisfaction by the AO. Expenses for school reimbursement, depreciation claims, VAT subsidy, sales tax exemption, entry tax exemption, and income from carbon credits were allowed as capital receipts. The ITAT directed the exclusion of these receipts from income computation under Section 115JB and remitted certain issues back to the AO for verification. Mine development expenses were allowed as revenue expenditure. Case-Laws Income Tax Mon, 04 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403140