https://www.taxtmi.com/caselaws?id=445431 The ITAT Mumbai decided multiple issues in favor of the assessee. The tribunal directed the AO to rework disallowance under section 14A considering only investments yielding exempt income. Following SC precedent in Indo Nippon Chemicals, the tribunal deleted additions for unutilized MODVAT credit, ruling it doesn't impact profit regardless of accounting method. Sales tax incentives were correctly treated as capital receipts. TDS provisions under section 195 were held inapplicable to payments to foreign branches of Indian banks. Additional depreciation under section 32(1)(iia) was allowed following coordinate bench precedent. Deductions under section 80IA for power units were upheld. Various provisions and disallowances in book profit computation under section 115JB were deleted, with directions for proper allocation of expenses. en-us Tue, 28 Feb 2023 00:00:00 +0530 Tue, 07 Nov 2023 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445431 The ITAT Mumbai decided multiple issues in favor of the assessee. The tribunal directed the AO to rework disallowance under section 14A considering only investments yielding exempt income. Following SC precedent in Indo Nippon Chemicals, the tribunal deleted additions for unutilized MODVAT credit, ruling it doesn't impact profit regardless of accounting method. Sales tax incentives were correctly treated as capital receipts. TDS provisions under section 195 were held inapplicable to payments to foreign branches of Indian banks. Additional depreciation under section 32(1)(iia) was allowed following coordinate bench precedent. Deductions under section 80IA for power units were upheld. Various provisions and disallowances in book profit computation under section 115JB were deleted, with directions for proper allocation of expenses. Case-Laws Income Tax Tue, 28 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445431