https://www.taxtmi.com/caselaws?id=457328 ITAT Mumbai ruled on multiple tax issues in an appeal. For long-term capital gains on land conversion from capital asset to stock-in-trade, the matter was remanded to AO for proper computation following Karnataka HC precedent in CIT vs Rudra Industrial Corporation. The addition under section 14A read with rule 8D for book profit computation under section 115JB was also remanded, following Vireet Investments decision that no disallowance applies. TDS credit verification was restored to AO. Subsidy under Package Scheme of Incentives 2007 was confirmed as capital receipt not chargeable to tax, following assessee's own case precedent. The subsidy exclusion from book profit computation was upheld citing Calcutta HC decision in PCIT vs Ankit Metal Power Ltd. Revaluation reserve deletion by CIT(A) was sustained based on binding precedent. en-us Tue, 24 Jan 2023 00:00:00 +0530 Mon, 16 Sep 2024 20:01:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457328 ITAT Mumbai ruled on multiple tax issues in an appeal. For long-term capital gains on land conversion from capital asset to stock-in-trade, the matter was remanded to AO for proper computation following Karnataka HC precedent in CIT vs Rudra Industrial Corporation. The addition under section 14A read with rule 8D for book profit computation under section 115JB was also remanded, following Vireet Investments decision that no disallowance applies. TDS credit verification was restored to AO. Subsidy under Package Scheme of Incentives 2007 was confirmed as capital receipt not chargeable to tax, following assessee's own case precedent. The subsidy exclusion from book profit computation was upheld citing Calcutta HC decision in PCIT vs Ankit Metal Power Ltd. Revaluation reserve deletion by CIT(A) was sustained based on binding precedent. Case-Laws Income Tax Tue, 24 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457328