https://www.taxtmi.com/caselaws?id=449769 The ITAT Ahmedabad remanded multiple issues to the AO for fresh adjudication. Regarding capital grants, the Tribunal held that grants should be reduced from asset cost/WDV before calculating depreciation at applicable rates, not uniformly at 15%. The matter was restored to AO for verification of proportionate grant amounts and correct depreciation rates. Issues concerning MAT calculation under section 115JB, additional depreciation claims, classification of interest income and miscellaneous receipts as business income versus income from other sources, and scrap sales treatment were all remanded for proper verification and adjudication in accordance with law. The Tribunal upheld CIT(A)'s deletion of interest expenditure addition related to capital work in progress, finding the AO's notional 12% addition unsupported by evidence. en-us Wed, 31 Jan 2024 00:00:00 +0530 Mon, 19 Feb 2024 08:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449769 The ITAT Ahmedabad remanded multiple issues to the AO for fresh adjudication. Regarding capital grants, the Tribunal held that grants should be reduced from asset cost/WDV before calculating depreciation at applicable rates, not uniformly at 15%. The matter was restored to AO for verification of proportionate grant amounts and correct depreciation rates. Issues concerning MAT calculation under section 115JB, additional depreciation claims, classification of interest income and miscellaneous receipts as business income versus income from other sources, and scrap sales treatment were all remanded for proper verification and adjudication in accordance with law. The Tribunal upheld CIT(A)'s deletion of interest expenditure addition related to capital work in progress, finding the AO's notional 12% addition unsupported by evidence. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449769