https://www.taxtmi.com/caselaws?id=459364 ITAT Mumbai decided multiple issues in favor of the assessee company. The tribunal allowed depreciation on let-out property forming part of block assets, treating sales tax exemption and TUF scheme subsidy as non-taxable capital receipts. Deduction under section 80IA was granted for rail system profits despite post-commencement agreements. The tribunal deleted disallowance under section 14A where own funds exceeded exempt income investments, and allowed rural development expenses as revenue expenditure. However, education cess disallowance was upheld following retrospective amendment and SC precedent. Issues regarding miscellaneous receipts and interest from IT department were remanded for fresh adjudication. en-us Tue, 04 Jul 2023 00:00:00 +0530 Tue, 10 Dec 2024 19:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459364 ITAT Mumbai decided multiple issues in favor of the assessee company. The tribunal allowed depreciation on let-out property forming part of block assets, treating sales tax exemption and TUF scheme subsidy as non-taxable capital receipts. Deduction under section 80IA was granted for rail system profits despite post-commencement agreements. The tribunal deleted disallowance under section 14A where own funds exceeded exempt income investments, and allowed rural development expenses as revenue expenditure. However, education cess disallowance was upheld following retrospective amendment and SC precedent. Issues regarding miscellaneous receipts and interest from IT department were remanded for fresh adjudication. Case-Laws Income Tax Tue, 04 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459364