Tribunal Rules in Favor of Assessee: Disallows Expense Claims, Removes Interest and Salary Disallowances, Allows Section 80IC Deduction.

Tribunal Rules in Favor of Assessee: Disallows Expense Claims, Removes Interest and Salary Disallowances, Allows Section 80IC Deduction. https://www.taxtmi.com/highlights?id=79413 Tribunal adjudicated on ad hoc disallowances of expenses debited to P&L, interest paid to banks, salary from Ozone Pharmaceuticals Ltd., deduction u/s 80IB/80IC, and disallowance of selling/distribution expenses. Disallowances were deleted as unsustainable without adverse material. Interest disallowance deleted as borrowed funds utilized for working capital. Salary disallowance deleted as no salary received. Deduction u/s 80IC allowed as conditions satisfied. Selling/distribution expenses disallowance restricted to 10% instead of 25%. Tribunal decided in favor of assessee against revenue on various grounds. en-us Mon, 15 Jul 2024 08:18:47 +0530 Mon, 15 Jul 2024 08:18:47 +0530 TaxTMI RSS Generator Tribunal Rules in Favor of Assessee: Disallows Expense Claims, Removes Interest and Salary Disallowances, Allows Section 80IC Deduction. https://www.taxtmi.com/highlights?id=79413 Tribunal adjudicated on ad hoc disallowances of expenses debited to P&L, interest paid to banks, salary from Ozone Pharmaceuticals Ltd., deduction u/s 80IB/80IC, and disallowance of selling/distribution expenses. Disallowances were deleted as unsustainable without adverse material. Interest disallowance deleted as borrowed funds utilized for working capital. Salary disallowance deleted as no salary received. Deduction u/s 80IC allowed as conditions satisfied. Selling/distribution expenses disallowance restricted to 10% instead of 25%. Tribunal decided in favor of assessee against revenue on various grounds. Highlights Income Tax Mon, 15 Jul 2024 08:18:47 +0530 https://www.taxtmi.com/highlights?id=79413