https://www.taxtmi.com/caselaws?id=445493 ITAT Mumbai ruled in favor of the assessee on multiple issues. The Tribunal deleted additions for unutilized MODVAT credit, holding it has no impact on profit regardless of accounting method followed. TDS provisions under Section 195 were held inapplicable for payments to foreign branches of Indian banks. Various deductions under Sections 80IA/80IB were allowed, and several provisions including gratuity, leave encashment, and wealth tax were excluded from book profit computation under Section 115JB. Additional depreciation under Section 32(1)(iia) was permitted following coordinate bench precedent. The appeal was partly allowed for statistical purposes. en-us Tue, 28 Feb 2023 00:00:00 +0530 Wed, 08 Nov 2023 14:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445493 ITAT Mumbai ruled in favor of the assessee on multiple issues. The Tribunal deleted additions for unutilized MODVAT credit, holding it has no impact on profit regardless of accounting method followed. TDS provisions under Section 195 were held inapplicable for payments to foreign branches of Indian banks. Various deductions under Sections 80IA/80IB were allowed, and several provisions including gratuity, leave encashment, and wealth tax were excluded from book profit computation under Section 115JB. Additional depreciation under Section 32(1)(iia) was permitted following coordinate bench precedent. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Tue, 28 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445493