https://www.taxtmi.com/caselaws?id=456197 The Gujarat HC upheld the Tribunal's decision allowing deduction u/s 80IB on excise duty reimbursement received by a manufacturer, following SC precedent in Meghalaya Steels Ltd that profits derived from business activities qualify regardless of government being the immediate source. The court declined to consider the research and development expenditure issue as it was factual, noting the assessee maintained separate accounts for different units and demonstrated no R&D expenses for the Jammu and Kashmir unit. Regarding foreign currency loss disallowance, the court referenced previous decisions but did not provide a definitive ruling on this aspect. en-us Wed, 04 Apr 2018 00:00:00 +0530 Sat, 06 Jul 2024 06:35:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456197 The Gujarat HC upheld the Tribunal's decision allowing deduction u/s 80IB on excise duty reimbursement received by a manufacturer, following SC precedent in Meghalaya Steels Ltd that profits derived from business activities qualify regardless of government being the immediate source. The court declined to consider the research and development expenditure issue as it was factual, noting the assessee maintained separate accounts for different units and demonstrated no R&D expenses for the Jammu and Kashmir unit. Regarding foreign currency loss disallowance, the court referenced previous decisions but did not provide a definitive ruling on this aspect. Case-Laws Income Tax Wed, 04 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456197