https://www.taxtmi.com/caselaws?id=312514 ITAT Mumbai allowed the assessee's appeal on multiple grounds. Railway siding expenditure was treated as revenue expenditure under section 37(1), not capital expenditure, following previous decisions. Modernization project expenses including salaries and allowances were allowed as business expenditure. Post-retirement medical benefits and leave encashment claims were remanded to AO for verification. Loss on oil bonds sale was treated as revenue loss deductible under section 37(1). Foreign exchange contract premium issue was remanded for fresh decision. CIT(A)'s decisions on de-capitalized assets depreciation, section 14A disallowance, and section 80IB deductions for VREP II and Silvasa blending plant were upheld against revenue's appeal. en-us Fri, 06 Mar 2020 00:00:00 +0530 Fri, 23 Feb 2024 05:57:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312514 ITAT Mumbai allowed the assessee's appeal on multiple grounds. Railway siding expenditure was treated as revenue expenditure under section 37(1), not capital expenditure, following previous decisions. Modernization project expenses including salaries and allowances were allowed as business expenditure. Post-retirement medical benefits and leave encashment claims were remanded to AO for verification. Loss on oil bonds sale was treated as revenue loss deductible under section 37(1). Foreign exchange contract premium issue was remanded for fresh decision. CIT(A)'s decisions on de-capitalized assets depreciation, section 14A disallowance, and section 80IB deductions for VREP II and Silvasa blending plant were upheld against revenue's appeal. Case-Laws Income Tax Fri, 06 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312514