https://www.taxtmi.com/caselaws?id=404990 The Tribunal upheld the CIT(A)'s decisions, allowing the assessee's deduction claim under Section 80IAB of the Income Tax Act, 1961, emphasizing the SEZ Act's overriding provisions. It also ruled in favor of the assessee regarding the disallowance of financial charges as penal interest, stating they were incurred for business purposes. The Tribunal vacated the AO's findings on certain expenditures, noting they should be assessed in the year claimed. Additionally, it allowed the assessee's claim that interest income should be treated as business income eligible for deduction under Section 80IAB, dismissing the Revenue's cross-objection to recast the balance sheet. en-us Fri, 05 Feb 2021 00:00:00 +0530 Tue, 09 Mar 2021 08:49:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404990 The Tribunal upheld the CIT(A)'s decisions, allowing the assessee's deduction claim under Section 80IAB of the Income Tax Act, 1961, emphasizing the SEZ Act's overriding provisions. It also ruled in favor of the assessee regarding the disallowance of financial charges as penal interest, stating they were incurred for business purposes. The Tribunal vacated the AO's findings on certain expenditures, noting they should be assessed in the year claimed. Additionally, it allowed the assessee's claim that interest income should be treated as business income eligible for deduction under Section 80IAB, dismissing the Revenue's cross-objection to recast the balance sheet. Case-Laws Income Tax Fri, 05 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404990