https://www.taxtmi.com/caselaws?id=445537 The ITAT Mumbai ruled on multiple issues in this tax appeal. The tribunal directed the AO to re-work section 14A disallowance under rule 8D(2)(iii) for exempt dividend income and delete additions for unutilized CENVAT credit, following Supreme Court precedent. Sales tax incentives and excise duty exemptions were confirmed as capital receipts. The tribunal allowed additional depreciation under section 32(1)(iia), section 80IA deductions on power generation, and various other claims including pre-operative expenses and club fees as revenue expenditure. The sale of APC business was treated as item-wise sale rather than slump sale under section 50B. Leave encashment provisions were denied following Supreme Court ruling in Exide Industries, though future payments may be allowed when made. en-us Tue, 28 Feb 2023 00:00:00 +0530 Sat, 11 Nov 2023 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445537 The ITAT Mumbai ruled on multiple issues in this tax appeal. The tribunal directed the AO to re-work section 14A disallowance under rule 8D(2)(iii) for exempt dividend income and delete additions for unutilized CENVAT credit, following Supreme Court precedent. Sales tax incentives and excise duty exemptions were confirmed as capital receipts. The tribunal allowed additional depreciation under section 32(1)(iia), section 80IA deductions on power generation, and various other claims including pre-operative expenses and club fees as revenue expenditure. The sale of APC business was treated as item-wise sale rather than slump sale under section 50B. Leave encashment provisions were denied following Supreme Court ruling in Exide Industries, though future payments may be allowed when made. Case-Laws Income Tax Tue, 28 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445537