https://www.taxtmi.com/caselaws?id=444549 The ITAT allowed the appeal of the assessee, addressing several issues. The Tribunal adjusted the corporate guarantee rate to 0.5% based on prior case law. It upheld the provision for the "Shahenshah Scheme" as scientifically based, allowing the appeal on this ground. The Tribunal determined that interest on FDRs is eligible for deduction under section 80-IC. Foreign travel and R&D expenses were deemed allowable, with the latter not requiring DSIR approval. The Tribunal corrected the installation date for depreciation claims, allowing the appeal. The order was pronounced on 11/10/2023. en-us Wed, 11 Oct 2023 00:00:00 +0530 Tue, 17 Oct 2023 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444549 The ITAT allowed the appeal of the assessee, addressing several issues. The Tribunal adjusted the corporate guarantee rate to 0.5% based on prior case law. It upheld the provision for the "Shahenshah Scheme" as scientifically based, allowing the appeal on this ground. The Tribunal determined that interest on FDRs is eligible for deduction under section 80-IC. Foreign travel and R&D expenses were deemed allowable, with the latter not requiring DSIR approval. The Tribunal corrected the installation date for depreciation claims, allowing the appeal. The order was pronounced on 11/10/2023. Case-Laws Income Tax Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444549