https://www.taxtmi.com/caselaws?id=444789 ITAT Chennai ruled on multiple issues favoring the assessee in several matters. The tribunal restricted disallowances under Section 14A to the extent of exempt income earned from mutual funds, following precedent that disallowances cannot exceed exempt income. Depreciation claims were allowed on capital subsidy received from SIPCOT and higher 60% depreciation rate was permitted on UPS and printers/scanners as integral computer components. However, disallowance under Section 43B(c) for performance incentives was upheld as these constitute bonus payments covered by the provision. The tribunal remanded issues regarding foreign exchange loss claims, Investment Promotion Subsidy nature determination, and transfer pricing adjustments for reassessment by the AO with proper verification and legal compliance. en-us Wed, 27 Sep 2023 00:00:00 +0530 Sat, 21 Oct 2023 09:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444789 ITAT Chennai ruled on multiple issues favoring the assessee in several matters. The tribunal restricted disallowances under Section 14A to the extent of exempt income earned from mutual funds, following precedent that disallowances cannot exceed exempt income. Depreciation claims were allowed on capital subsidy received from SIPCOT and higher 60% depreciation rate was permitted on UPS and printers/scanners as integral computer components. However, disallowance under Section 43B(c) for performance incentives was upheld as these constitute bonus payments covered by the provision. The tribunal remanded issues regarding foreign exchange loss claims, Investment Promotion Subsidy nature determination, and transfer pricing adjustments for reassessment by the AO with proper verification and legal compliance. Case-Laws Income Tax Wed, 27 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444789