https://www.taxtmi.com/caselaws?id=458490 The ITAT Ahmedabad upheld the assessee company's claim for deduction under section 80IA for water and sewage treatment plant construction projects. The tribunal found that two new projects were identical in scope to nine previously approved projects, making them eligible for deduction. Regarding interest income on fixed deposits required for bank guarantees, the tribunal held it was incidental to business and eligible for section 80IA deduction, following Gujarat HC precedent. The tribunal accepted disallowance of delayed PF contributions per established case law. However, on share premium taxation under section 56(2)(viib), the tribunal found revenue authorities incorrectly rejected the assessee's fair market value calculation that included goodwill value, as law permits two valuation methods. The matter was remanded for fresh examination. en-us Fri, 10 Jun 2022 00:00:00 +0530 Tue, 29 Oct 2024 12:50:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458490 The ITAT Ahmedabad upheld the assessee company's claim for deduction under section 80IA for water and sewage treatment plant construction projects. The tribunal found that two new projects were identical in scope to nine previously approved projects, making them eligible for deduction. Regarding interest income on fixed deposits required for bank guarantees, the tribunal held it was incidental to business and eligible for section 80IA deduction, following Gujarat HC precedent. The tribunal accepted disallowance of delayed PF contributions per established case law. However, on share premium taxation under section 56(2)(viib), the tribunal found revenue authorities incorrectly rejected the assessee's fair market value calculation that included goodwill value, as law permits two valuation methods. The matter was remanded for fresh examination. Case-Laws Income Tax Fri, 10 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458490