https://www.taxtmi.com/caselaws?id=312557 ITAT Mumbai ruled on multiple tax issues for the assessee. The tribunal dismissed revenue's appeal regarding research and development expenditure disallowance under section 35(2AB), directing AO to restrict disallowance after verification. Computer software depreciation at 60% was upheld. Depreciation on merger-transferred assets was allowed. Consultancy charges were treated as revenue expenditure under section 37(1). Rental income was correctly classified under "Income from House Property." Section 80HHC deduction calculation under section 115JB was decided against revenue. Set-off of amalgamating company losses was allowed. Interest disallowance on share purchase loan was deleted. Capital gains taxation over four years and building depreciation were granted. Sales tax deferral loan treatment was restored to AO for fresh adjudication. en-us Mon, 20 Jun 2022 00:00:00 +0530 Sat, 24 Feb 2024 06:29:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312557 ITAT Mumbai ruled on multiple tax issues for the assessee. The tribunal dismissed revenue's appeal regarding research and development expenditure disallowance under section 35(2AB), directing AO to restrict disallowance after verification. Computer software depreciation at 60% was upheld. Depreciation on merger-transferred assets was allowed. Consultancy charges were treated as revenue expenditure under section 37(1). Rental income was correctly classified under "Income from House Property." Section 80HHC deduction calculation under section 115JB was decided against revenue. Set-off of amalgamating company losses was allowed. Interest disallowance on share purchase loan was deleted. Capital gains taxation over four years and building depreciation were granted. Sales tax deferral loan treatment was restored to AO for fresh adjudication. Case-Laws Income Tax Mon, 20 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312557