https://www.taxtmi.com/caselaws?id=313282 The ITAT Rajkot allowed deduction u/s. 80IA(4)(i) for storage tank operations, finding that MDI and EDA storage tanks qualified as infrastructure facilities within Kandla Port Trust premises with proper loading/unloading capabilities and separate pipelines. The tribunal confirmed partial disallowance u/s. 14A of Rs. 2,23,639 for investment-related expenses despite substantial interest-free funds. Relief was granted for terminal handling charges paid to related parties as payments were comparable to market rates. The tribunal allowed 80% depreciation on windmill assembly including civil and electrical components, rejecting the AO's restrictive component-wise approach. Windmill land lease charges to Kandla Port Trust were allowed as business expenses. However, additions u/s. 41(2) for long-outstanding amounts and disallowances for staff welfare and travel expenses were upheld due to inadequate explanations from the assessee. en-us Thu, 31 Jan 2019 00:00:00 +0530 Thu, 04 Apr 2024 19:17:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313282 The ITAT Rajkot allowed deduction u/s. 80IA(4)(i) for storage tank operations, finding that MDI and EDA storage tanks qualified as infrastructure facilities within Kandla Port Trust premises with proper loading/unloading capabilities and separate pipelines. The tribunal confirmed partial disallowance u/s. 14A of Rs. 2,23,639 for investment-related expenses despite substantial interest-free funds. Relief was granted for terminal handling charges paid to related parties as payments were comparable to market rates. The tribunal allowed 80% depreciation on windmill assembly including civil and electrical components, rejecting the AO's restrictive component-wise approach. Windmill land lease charges to Kandla Port Trust were allowed as business expenses. However, additions u/s. 41(2) for long-outstanding amounts and disallowances for staff welfare and travel expenses were upheld due to inadequate explanations from the assessee. Case-Laws Income Tax Thu, 31 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313282