https://www.taxtmi.com/caselaws?id=438934 The article examines ITAT Amritsar rulings on excise duty refund, section 80IB, depreciation, business deductions and section 40(a)(ia). It notes that the excise duty refund was treated as a capital receipt, but was excluded from the 80IB computation base; separate registration was not required for 80IB relief where statutory conditions were otherwise met; bank guarantee charges were allowed as revenue expenditure; and capital subsidy did not reduce actual cost under Explanation 10 to section 43(1) because it lacked direct nexus with asset cost. It also records deletion of an ad hoc expense disallowance, remand of certain 80IB claims for fresh adjudication, allowance of 80HHC on export profit, and sustenance of the section 40(a)(ia) disallowance on advertisement expense. en-us Fri, 24 Feb 2023 00:00:00 +0530 Mon, 12 Jun 2023 16:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438934 The article examines ITAT Amritsar rulings on excise duty refund, section 80IB, depreciation, business deductions and section 40(a)(ia). It notes that the excise duty refund was treated as a capital receipt, but was excluded from the 80IB computation base; separate registration was not required for 80IB relief where statutory conditions were otherwise met; bank guarantee charges were allowed as revenue expenditure; and capital subsidy did not reduce actual cost under Explanation 10 to section 43(1) because it lacked direct nexus with asset cost. It also records deletion of an ad hoc expense disallowance, remand of certain 80IB claims for fresh adjudication, allowance of 80HHC on export profit, and sustenance of the section 40(a)(ia) disallowance on advertisement expense. Case-Laws Income Tax Fri, 24 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438934