https://www.taxtmi.com/caselaws?id=758026 ITAT Mumbai allowed the assessee's appeal on multiple grounds. The tribunal held that deduction u/s 80IB was allowable as the assessee filed separate profit and loss account for the Belur unit in Form 10CCB, rejecting the AO's application of global profit. Deduction u/s 80HHC was allowed after the retrospective amendment excluding DEPB license profits was struck down by constitutional courts. Various expense claims including commission payments, repairs and maintenance, service charges to BMCL, community development expenses, and club entrance fees were allowed as legitimate business expenditures. The tribunal also permitted depreciation and maintenance of aircraft used for trial runs and training purposes. en-us Thu, 04 Jul 2024 00:00:00 +0530 Thu, 05 Sep 2024 12:56:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758026 ITAT Mumbai allowed the assessee's appeal on multiple grounds. The tribunal held that deduction u/s 80IB was allowable as the assessee filed separate profit and loss account for the Belur unit in Form 10CCB, rejecting the AO's application of global profit. Deduction u/s 80HHC was allowed after the retrospective amendment excluding DEPB license profits was struck down by constitutional courts. Various expense claims including commission payments, repairs and maintenance, service charges to BMCL, community development expenses, and club entrance fees were allowed as legitimate business expenditures. The tribunal also permitted depreciation and maintenance of aircraft used for trial runs and training purposes. Case-Laws Income Tax Thu, 04 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758026