https://www.taxtmi.com/caselaws?id=446951 Levy collections retained by a Government-owned electricity generation company for decommissioning, renovation, modernisation and research were treated as taxable business income, not capital receipts or amounts diverted at source, though related fund-linked interest expenditure was allowed. Construction-period receipts were sustained as income from other sources, with related expenditure and depreciation relief granted only to the extent verified. Prior-period expenses, obsolete stock provisions and capital R&D outlay were largely disallowed absent proof of crystallisation, scientific basis or revenue character. Section 115JA/115JB was held inapplicable to the company, deleting MAT book-profit adjustments. Section 80IA relief was allowed for qualifying receipts, while section 14A disallowance was limited and Rule 8D was not applied retrospectively. en-us Wed, 29 Nov 2023 00:00:00 +0530 Thu, 14 Dec 2023 08:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446951 Levy collections retained by a Government-owned electricity generation company for decommissioning, renovation, modernisation and research were treated as taxable business income, not capital receipts or amounts diverted at source, though related fund-linked interest expenditure was allowed. Construction-period receipts were sustained as income from other sources, with related expenditure and depreciation relief granted only to the extent verified. Prior-period expenses, obsolete stock provisions and capital R&D outlay were largely disallowed absent proof of crystallisation, scientific basis or revenue character. Section 115JA/115JB was held inapplicable to the company, deleting MAT book-profit adjustments. Section 80IA relief was allowed for qualifying receipts, while section 14A disallowance was limited and Rule 8D was not applied retrospectively. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446951