https://www.taxtmi.com/caselaws?id=439857 The Tribunal allowed the assessee's claim for general public utility expenses under Section 37(1), disallowing bad debts provision but allowing bad debts written off. Interest expenses on Deep Discount Bonds were allowed, sales tax benefits treated as capital receipt, and set-off of losses from demerged units permitted. Depreciation on intangible assets was upheld, disallowance under Section 14A not warranted, deduction under Section 80IA allowed for power generation unit. Guarantee fees were added at 0.5%, and product registration expenses treated as revenue. Project expenses were allowed as revenue, and interest under Section 244A granted for refund delay. Appeals partly favored the assessee and partly the Revenue, with specific directions given. en-us Fri, 30 Jun 2023 00:00:00 +0530 Mon, 03 Jul 2023 13:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439857 The Tribunal allowed the assessee's claim for general public utility expenses under Section 37(1), disallowing bad debts provision but allowing bad debts written off. Interest expenses on Deep Discount Bonds were allowed, sales tax benefits treated as capital receipt, and set-off of losses from demerged units permitted. Depreciation on intangible assets was upheld, disallowance under Section 14A not warranted, deduction under Section 80IA allowed for power generation unit. Guarantee fees were added at 0.5%, and product registration expenses treated as revenue. Project expenses were allowed as revenue, and interest under Section 244A granted for refund delay. Appeals partly favored the assessee and partly the Revenue, with specific directions given. Case-Laws Income Tax Fri, 30 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439857