https://www.taxtmi.com/caselaws?id=314005 ITAT Chennai allowed the assessee's appeal on multiple grounds. The tribunal deleted disallowances of proportionate interest expenditure citing business nexus and sufficient own funds. Bad debts write-offs totaling Rs. 3579.61 lacs relating to government fertilizer handling charges from 1992-93 were allowed as deductions. R&D facility expenditure under section 35(2AB) was permitted for the entire assessment year despite DSIR recognition expiring mid-year. However, electricity tax provisions under section 43B and contingent hire charges were upheld as disallowances. The tribunal restored one issue regarding subsidiary company interest to AO for verification and directed capital loss treatment for equity investment losses. en-us Wed, 10 Jan 2024 00:00:00 +0530 Sat, 11 May 2024 21:15:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314005 ITAT Chennai allowed the assessee's appeal on multiple grounds. The tribunal deleted disallowances of proportionate interest expenditure citing business nexus and sufficient own funds. Bad debts write-offs totaling Rs. 3579.61 lacs relating to government fertilizer handling charges from 1992-93 were allowed as deductions. R&D facility expenditure under section 35(2AB) was permitted for the entire assessment year despite DSIR recognition expiring mid-year. However, electricity tax provisions under section 43B and contingent hire charges were upheld as disallowances. The tribunal restored one issue regarding subsidiary company interest to AO for verification and directed capital loss treatment for equity investment losses. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314005