https://www.taxtmi.com/caselaws?id=762309 ITAT Mumbai allowed the assessee's appeal on multiple grounds. For Section 10AA deduction, the tribunal held that SEZ unit profits should be computed before setting off brought forward losses from non-eligible units, following SC precedent in Yokogawa India Ltd. Interest on delayed TDS payment was disallowed as it's penal in nature and not incurred wholly for business purposes, citing Madras HC in Chennai Properties Investment Ltd. The tribunal remanded the business loss set-off issue to AO for proper determination based on pending appeals. Regarding leasehold improvements, the matter was directed to be decided in accordance with appellate authority's decision for the relevant assessment year. en-us Tue, 08 Oct 2024 00:00:00 +0530 Thu, 28 Nov 2024 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762309 ITAT Mumbai allowed the assessee's appeal on multiple grounds. For Section 10AA deduction, the tribunal held that SEZ unit profits should be computed before setting off brought forward losses from non-eligible units, following SC precedent in Yokogawa India Ltd. Interest on delayed TDS payment was disallowed as it's penal in nature and not incurred wholly for business purposes, citing Madras HC in Chennai Properties Investment Ltd. The tribunal remanded the business loss set-off issue to AO for proper determination based on pending appeals. Regarding leasehold improvements, the matter was directed to be decided in accordance with appellate authority's decision for the relevant assessment year. Case-Laws Income Tax Tue, 08 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762309