https://www.taxtmi.com/caselaws?id=761832 The ITAT Mumbai ruled on multiple issues involving computation of deductions under sections 80IB/80IC and 10B. The tribunal directed the AO to allocate both common expenses and common income to eligible units while computing deductions, following previous ITAT orders. Income from sale of scraps and by-products was held eligible for deduction as it reduces manufacturing costs. The tribunal rejected claims for Tsunami relief expenses as business expenditure, finding the dominant objective philanthropic rather than business-related. On WDV enhancement, the tribunal modified the CIT(A)'s order regarding insurance claims. Capital subsidy amounts were held not deductible from WDV for depreciation computation. The tribunal upheld entity-level benchmarking under TNM method for transfer pricing adjustments, following coordinate bench precedents. en-us Thu, 14 Nov 2024 00:00:00 +0530 Fri, 15 Nov 2024 11:43:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761832 The ITAT Mumbai ruled on multiple issues involving computation of deductions under sections 80IB/80IC and 10B. The tribunal directed the AO to allocate both common expenses and common income to eligible units while computing deductions, following previous ITAT orders. Income from sale of scraps and by-products was held eligible for deduction as it reduces manufacturing costs. The tribunal rejected claims for Tsunami relief expenses as business expenditure, finding the dominant objective philanthropic rather than business-related. On WDV enhancement, the tribunal modified the CIT(A)'s order regarding insurance claims. Capital subsidy amounts were held not deductible from WDV for depreciation computation. The tribunal upheld entity-level benchmarking under TNM method for transfer pricing adjustments, following coordinate bench precedents. Case-Laws Income Tax Thu, 14 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761832