https://www.taxtmi.com/caselaws?id=312491 ITAT Mumbai ruled in favor of the assessee on multiple grounds. Railway track construction expenditure was held as revenue expenditure, not capital. Section 14A disallowance was restricted to Rs. 53.70 lakhs per tax auditor certificate, as Rule 8D was inapplicable. Establishment expenses for project monitoring were allowed as business expenditure under section 37(1). Post-retirement medical benefits and leave encashment claims were remanded to AO for verification. Profit on oil bonds sale was treated as business income. Section 80IB deductions for VREP-II unit and Silvassa plant were allowed. Interest under section 244A on self-assessment tax and delayed refund was upheld favoring the assessee. en-us Wed, 09 Oct 2019 00:00:00 +0530 Thu, 22 Feb 2024 05:51:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312491 ITAT Mumbai ruled in favor of the assessee on multiple grounds. Railway track construction expenditure was held as revenue expenditure, not capital. Section 14A disallowance was restricted to Rs. 53.70 lakhs per tax auditor certificate, as Rule 8D was inapplicable. Establishment expenses for project monitoring were allowed as business expenditure under section 37(1). Post-retirement medical benefits and leave encashment claims were remanded to AO for verification. Profit on oil bonds sale was treated as business income. Section 80IB deductions for VREP-II unit and Silvassa plant were allowed. Interest under section 244A on self-assessment tax and delayed refund was upheld favoring the assessee. Case-Laws Income Tax Wed, 09 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312491