https://www.taxtmi.com/caselaws?id=310646 The ITAT Mumbai held that sales tax incentives and special capital incentives constitute capital receipts, not revenue, following precedent from assessment year 2006-07. Employee stock option expenses disallowance was deleted citing Kotak Mahindra Bank precedent. Section 14A disallowance was restricted to 1% of tax-exempt income. Additional depreciation under section 32(1)(iia) was allowed, clarifying that machinery need only be new at installation, not in subsequent years. Transfer pricing adjustment on interest under Bare Boat Charter arrangement was deleted, emphasizing entire transaction benchmarking rather than isolated segments. Various community welfare and temple expenses were allowed based on consistency principle from previous years' decisions. en-us Mon, 07 Nov 2022 00:00:00 +0530 Sat, 04 Nov 2023 09:17:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310646 The ITAT Mumbai held that sales tax incentives and special capital incentives constitute capital receipts, not revenue, following precedent from assessment year 2006-07. Employee stock option expenses disallowance was deleted citing Kotak Mahindra Bank precedent. Section 14A disallowance was restricted to 1% of tax-exempt income. Additional depreciation under section 32(1)(iia) was allowed, clarifying that machinery need only be new at installation, not in subsequent years. Transfer pricing adjustment on interest under Bare Boat Charter arrangement was deleted, emphasizing entire transaction benchmarking rather than isolated segments. Various community welfare and temple expenses were allowed based on consistency principle from previous years' decisions. Case-Laws Income Tax Mon, 07 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310646