https://www.taxtmi.com/caselaws?id=312443 ITAT Ahmedabad remanded multiple issues to AO for fresh adjudication in power sector assessee's case. On capital grants/subsidies, tribunal held depreciation rate should match asset's applicable rate, not blanket 15%, following coordinate bench precedent. Interest income on staff advances and miscellaneous receipts classification as business income versus other sources remanded for factual verification. Prior period expenses disallowance set aside, noting state undertaking's CAG audit and carry-forward losses indicating no deliberate tax avoidance. Flood/cyclone losses allowed based on previous tribunal decision and adequate documentation. Double addition on prior period expenditure confirmed as deleted by CIT(A). Book profit adjustments under section 115JB also remanded for fresh consideration. en-us Fri, 17 Feb 2023 00:00:00 +0530 Sat, 17 Feb 2024 20:36:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312443 ITAT Ahmedabad remanded multiple issues to AO for fresh adjudication in power sector assessee's case. On capital grants/subsidies, tribunal held depreciation rate should match asset's applicable rate, not blanket 15%, following coordinate bench precedent. Interest income on staff advances and miscellaneous receipts classification as business income versus other sources remanded for factual verification. Prior period expenses disallowance set aside, noting state undertaking's CAG audit and carry-forward losses indicating no deliberate tax avoidance. Flood/cyclone losses allowed based on previous tribunal decision and adequate documentation. Double addition on prior period expenditure confirmed as deleted by CIT(A). Book profit adjustments under section 115JB also remanded for fresh consideration. Case-Laws Income Tax Fri, 17 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312443