https://www.taxtmi.com/caselaws?id=311896 ITAT Mumbai ruled on multiple issues for the assessee. The tribunal allowed expenditure on dies/moulds as revenue expenditure, penalty charges from machinery suppliers as non-taxable, and jigs/fixtures expenditure as revenue. For deductions u/s 80HH and 80-IA, the tribunal required deducting notional depreciation from individual units but allowed inclusion of duty drawback and interest income. Technical know-how charges were allowed as business income. Wealth tax liability was allowed as deduction. GDR issue expenses were permitted u/s 35D. Sale-and-lease-back depreciation claims were dismissed as no such transactions occurred. Surplus from preference share redemption was treated as capital gains, while treasury bill surplus remained as capital gains rather than interest income. en-us Thu, 13 Apr 2023 00:00:00 +0530 Fri, 19 Jan 2024 20:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311896 ITAT Mumbai ruled on multiple issues for the assessee. The tribunal allowed expenditure on dies/moulds as revenue expenditure, penalty charges from machinery suppliers as non-taxable, and jigs/fixtures expenditure as revenue. For deductions u/s 80HH and 80-IA, the tribunal required deducting notional depreciation from individual units but allowed inclusion of duty drawback and interest income. Technical know-how charges were allowed as business income. Wealth tax liability was allowed as deduction. GDR issue expenses were permitted u/s 35D. Sale-and-lease-back depreciation claims were dismissed as no such transactions occurred. Surplus from preference share redemption was treated as capital gains, while treasury bill surplus remained as capital gains rather than interest income. Case-Laws Income Tax Thu, 13 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311896