https://www.taxtmi.com/highlights?id=77602 The ITAT Pune ruled on two key issues: 1) Treatment of subsidy under IPS Scheme 2007 for depreciation calculation - Held that subsidy should not be reduced from actual cost of fixed assets u/s 43(1) for depreciation calculation, following precedent. Directed AO to delete the addition of depreciation. 2) Disallowance of claim u/s 80-IA - Held that CIT(A) was justified in directing AO to allow deduction u/s 80IA(4)(iv)(a) without deducting brought forward loss or unabsorbed depreciation on notional basis, based on previous assessment years. en-us Tue, 21 May 2024 08:20:57 +0530 Tue, 21 May 2024 08:20:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77602 The ITAT Pune ruled on two key issues: 1) Treatment of subsidy under IPS Scheme 2007 for depreciation calculation - Held that subsidy should not be reduced from actual cost of fixed assets u/s 43(1) for depreciation calculation, following precedent. Directed AO to delete the addition of depreciation. 2) Disallowance of claim u/s 80-IA - Held that CIT(A) was justified in directing AO to allow deduction u/s 80IA(4)(iv)(a) without deducting brought forward loss or unabsorbed depreciation on notional basis, based on previous assessment years. Highlights Income Tax Tue, 21 May 2024 08:20:57 +0530 https://www.taxtmi.com/highlights?id=77602