https://www.taxtmi.com/caselaws?id=298218 The Tribunal upheld the Assessing Officer's decision to disallow higher depreciation on the "Enclosed Withering Trough Machine" and depreciation on goodwill. It clarified that interest subsidy was a revenue receipt and allowed the disallowance under Section 14A. The Tribunal remanded the deduction under Section 80IE and club expenses issues for fresh examination. It affirmed the initial depreciation on new plant and machinery and the computation of book profits under Section 115JB. The Tribunal's judgment ensured adherence to legal principles in resolving the various tax issues raised by the assessee. en-us Thu, 30 Nov 2017 00:00:00 +0530 Thu, 21 Oct 2021 08:15:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298218 The Tribunal upheld the Assessing Officer's decision to disallow higher depreciation on the "Enclosed Withering Trough Machine" and depreciation on goodwill. It clarified that interest subsidy was a revenue receipt and allowed the disallowance under Section 14A. The Tribunal remanded the deduction under Section 80IE and club expenses issues for fresh examination. It affirmed the initial depreciation on new plant and machinery and the computation of book profits under Section 115JB. The Tribunal's judgment ensured adherence to legal principles in resolving the various tax issues raised by the assessee. Case-Laws Income Tax Thu, 30 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298218