https://www.taxtmi.com/caselaws?id=450309 ITAT Chennai upheld depreciation disallowance on land cost, confirming no legal provision permits such depreciation. The court sustained section 14A disallowance for expenses relating to exempt income but directed AO to verify if depreciation reversal was offered to tax in subsequent year. Investment write-offs were allowed following HC precedent. Income recognition additions for farmer security cards and rent due from staff quarters were sustained under mercantile accounting. Land lease deposit was held taxable on accrual basis. MAT computation was upheld with depreciation on land added back to book profit. Section 40(a)(ia) disallowance was remanded for verification of second proviso applicability. Interest on NPA classification for joint venture loans was rejected, sustaining additions. en-us Wed, 21 Feb 2024 00:00:00 +0530 Fri, 01 Mar 2024 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450309 ITAT Chennai upheld depreciation disallowance on land cost, confirming no legal provision permits such depreciation. The court sustained section 14A disallowance for expenses relating to exempt income but directed AO to verify if depreciation reversal was offered to tax in subsequent year. Investment write-offs were allowed following HC precedent. Income recognition additions for farmer security cards and rent due from staff quarters were sustained under mercantile accounting. Land lease deposit was held taxable on accrual basis. MAT computation was upheld with depreciation on land added back to book profit. Section 40(a)(ia) disallowance was remanded for verification of second proviso applicability. Interest on NPA classification for joint venture loans was rejected, sustaining additions. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450309