https://www.taxtmi.com/caselaws?id=311915 The ITAT Mumbai held that surplus from treasury bill redemption is taxable under Capital Gains, not Income from Other Sources, following SC precedent in Grace Collis case. For Section 80IA deduction computation, depreciation must be deducted from eligible profits. The tribunal allowed deduction u/s 80IA for duty drawback and interest income, following Meghalaya Steels Ltd decision. Wealth tax payment was held deductible as it wasn't covered by Section 40(a)(iia) disallowance. Technical knowhow fees qualified for Section 80-O deduction as royalty. Building repair expenses were allowed as revenue expenditure. The tribunal confirmed disallowance of fines/penalties but allowed GDR issuing expenses under Section 35D. Foreign travel expenses for MD's wife were disallowed for lack of business expediency. en-us Tue, 22 Aug 2023 00:00:00 +0530 Sat, 20 Jan 2024 21:00:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311915 The ITAT Mumbai held that surplus from treasury bill redemption is taxable under Capital Gains, not Income from Other Sources, following SC precedent in Grace Collis case. For Section 80IA deduction computation, depreciation must be deducted from eligible profits. The tribunal allowed deduction u/s 80IA for duty drawback and interest income, following Meghalaya Steels Ltd decision. Wealth tax payment was held deductible as it wasn't covered by Section 40(a)(iia) disallowance. Technical knowhow fees qualified for Section 80-O deduction as royalty. Building repair expenses were allowed as revenue expenditure. The tribunal confirmed disallowance of fines/penalties but allowed GDR issuing expenses under Section 35D. Foreign travel expenses for MD's wife were disallowed for lack of business expediency. Case-Laws Income Tax Tue, 22 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311915