https://www.taxtmi.com/caselaws?id=459724 ITAT Ahmedabad allowed assessee's appeal on multiple grounds. Guarantee fees paid to Gujarat government for loan guarantees were allowed as revenue expenditure following precedent. Interest income classification was remanded to CIT(A) for fresh consideration. Prior period expenditure and Section 14A disallowance matters were set aside to AO for reconsideration. For MAT computation, no adjustment required for prior period expenses in book profit calculation. Capital grant addition and excess depreciation claims were decided favorably based on established precedents. Liquidated damages paid for delayed power production were held allowable as contractual obligations, not violating legal provisions under Section 37(1). en-us Fri, 18 Aug 2023 00:00:00 +0530 Tue, 24 Dec 2024 20:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459724 ITAT Ahmedabad allowed assessee's appeal on multiple grounds. Guarantee fees paid to Gujarat government for loan guarantees were allowed as revenue expenditure following precedent. Interest income classification was remanded to CIT(A) for fresh consideration. Prior period expenditure and Section 14A disallowance matters were set aside to AO for reconsideration. For MAT computation, no adjustment required for prior period expenses in book profit calculation. Capital grant addition and excess depreciation claims were decided favorably based on established precedents. Liquidated damages paid for delayed power production were held allowable as contractual obligations, not violating legal provisions under Section 37(1). Case-Laws Income Tax Fri, 18 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459724