https://www.taxtmi.com/caselaws?id=410887 The ITAT dismissed both appeals and upheld the Ld.CIT(A)'s decisions on all issues raised by the parties, including the exclusion of Sales Tax Subsidy from book profits for MAT computation, allowance of depreciation on loss from cancellation of foreign currency forward contracts, consequential depreciation on loss incurred during FY 2004-05, consideration of increased written down value of assets from merged companies for depreciation, treatment of sales tax incentive/concession as a capital receipt, disallowance under section 14A for computing Book Profit under section 115JB, recomputation of Book Profit by reducing amount transferred to Debenture Redemption Reserve, and recomputation of interest under sections 234B and 234C. en-us Tue, 10 Aug 2021 00:00:00 +0530 Wed, 11 Aug 2021 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410887 The ITAT dismissed both appeals and upheld the Ld.CIT(A)'s decisions on all issues raised by the parties, including the exclusion of Sales Tax Subsidy from book profits for MAT computation, allowance of depreciation on loss from cancellation of foreign currency forward contracts, consequential depreciation on loss incurred during FY 2004-05, consideration of increased written down value of assets from merged companies for depreciation, treatment of sales tax incentive/concession as a capital receipt, disallowance under section 14A for computing Book Profit under section 115JB, recomputation of Book Profit by reducing amount transferred to Debenture Redemption Reserve, and recomputation of interest under sections 234B and 234C. Case-Laws Income Tax Tue, 10 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410887