https://www.taxtmi.com/caselaws?id=445547 ITAT Delhi ruled in favor of the assessee on multiple issues. Entertainment tax subsidy received for multiplex development was held to be capital receipt not reducing asset cost under Section 43(1) Explanation 10, following coordinate bench precedents. ESOP expenses were allowed as deductible revenue expenditure based on Delhi HC ruling that such expenses constitute ascertained liability, not contingent liability. Disallowance under Section 14A Rule 8D was deleted as rule not applicable for the assessment year and only exempt income-yielding investments should be considered. Depreciation disallowance was directed not to be considered for book profit computation under Section 115JB following SC precedents. en-us Tue, 07 Nov 2023 00:00:00 +0530 Fri, 10 Nov 2023 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445547 ITAT Delhi ruled in favor of the assessee on multiple issues. Entertainment tax subsidy received for multiplex development was held to be capital receipt not reducing asset cost under Section 43(1) Explanation 10, following coordinate bench precedents. ESOP expenses were allowed as deductible revenue expenditure based on Delhi HC ruling that such expenses constitute ascertained liability, not contingent liability. Disallowance under Section 14A Rule 8D was deleted as rule not applicable for the assessment year and only exempt income-yielding investments should be considered. Depreciation disallowance was directed not to be considered for book profit computation under Section 115JB following SC precedents. Case-Laws Income Tax Tue, 07 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445547