https://www.taxtmi.com/caselaws?id=445641 The ITAT Mumbai ruled on multiple issues in favor of the assessee. The tribunal directed deletion of additions for unutilized MODVAT credit, club subscription fees, and additional gratuity provisions. It held that sales tax subsidy should be excluded from book profit computation under Section 115JB, and TDS provisions don't apply to payments to foreign branches of Indian banks. The tribunal allowed Section 80IA deductions for manufacturing units and rejected retrospective amendments denying Section 80HHC benefits. Various provisions including wealth tax, gratuity, and leave encashment were held not addable to book profits. The tribunal also ruled on capital gains computation, foreign tax credits, and remitted BIS marking payment claims for verification. en-us Tue, 28 Feb 2023 00:00:00 +0530 Sat, 11 Nov 2023 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445641 The ITAT Mumbai ruled on multiple issues in favor of the assessee. The tribunal directed deletion of additions for unutilized MODVAT credit, club subscription fees, and additional gratuity provisions. It held that sales tax subsidy should be excluded from book profit computation under Section 115JB, and TDS provisions don't apply to payments to foreign branches of Indian banks. The tribunal allowed Section 80IA deductions for manufacturing units and rejected retrospective amendments denying Section 80HHC benefits. Various provisions including wealth tax, gratuity, and leave encashment were held not addable to book profits. The tribunal also ruled on capital gains computation, foreign tax credits, and remitted BIS marking payment claims for verification. Case-Laws Income Tax Tue, 28 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445641