https://www.taxtmi.com/caselaws?id=449005 ITAT Mumbai allowed assessee's appeal on multiple grounds. Court upheld allocation of advertisement expenses for Section 80IB deduction computation, treating Rs.853.85 lacs advertisement expenditure as revenue rather than capital expenditure. Additional depreciation at 10% was granted on assets used less than 180 days. Retention money exclusion from sales income and club membership expenses deduction were allowed following coordinate bench precedents. Court restored issues regarding sales commission allocation, dividend tax credit under India-Malaysia DTAA, and Section 145A computation to AO for verification. CIT(A)'s direction for reasonable basis disallowance under Section 14A was upheld, confirming Rule 8D inapplicability for the assessment year. en-us Wed, 31 Jan 2024 00:00:00 +0530 Fri, 02 Feb 2024 13:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449005 ITAT Mumbai allowed assessee's appeal on multiple grounds. Court upheld allocation of advertisement expenses for Section 80IB deduction computation, treating Rs.853.85 lacs advertisement expenditure as revenue rather than capital expenditure. Additional depreciation at 10% was granted on assets used less than 180 days. Retention money exclusion from sales income and club membership expenses deduction were allowed following coordinate bench precedents. Court restored issues regarding sales commission allocation, dividend tax credit under India-Malaysia DTAA, and Section 145A computation to AO for verification. CIT(A)'s direction for reasonable basis disallowance under Section 14A was upheld, confirming Rule 8D inapplicability for the assessment year. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449005