https://www.taxtmi.com/caselaws?id=312782 ITAT Ahmedabad dismissed revenue's appeal in a power sector case. The tribunal upheld CIT(A)'s directions allowing guarantee fees paid to Gujarat government as revenue expenditure subject to verification. Section 14A disallowance was deleted from book profit computation under section 115JB following coordinate bench precedent. Addition of 15% capital grants was deleted based on assessee's own case precedent. Interest and miscellaneous income were treated as business income rather than income from other sources. Prior period expenditure disallowance was deleted as CIT(A) found it properly accounted for as net expenses. en-us Thu, 31 Aug 2023 00:00:00 +0530 Wed, 06 Mar 2024 20:05:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312782 ITAT Ahmedabad dismissed revenue's appeal in a power sector case. The tribunal upheld CIT(A)'s directions allowing guarantee fees paid to Gujarat government as revenue expenditure subject to verification. Section 14A disallowance was deleted from book profit computation under section 115JB following coordinate bench precedent. Addition of 15% capital grants was deleted based on assessee's own case precedent. Interest and miscellaneous income were treated as business income rather than income from other sources. Prior period expenditure disallowance was deleted as CIT(A) found it properly accounted for as net expenses. Case-Laws Income Tax Thu, 31 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312782