https://www.taxtmi.com/caselaws?id=763759 The ITAT Ahmedabad dismissed revenue's appeal regarding guarantee fees paid to Gujarat government, upholding CIT(A)'s decision to allow it as revenue expenditure while directing AO verification. The tribunal remitted capital grant addition back to AO for fresh assessment following coordinate bench precedent. Prior period expenditure disallowance was set aside for de novo assessment. Additional depreciation under section 32(1)(iia) was allowed following Gujarat HC precedent in Kadodara Power case. Interest income classification was remanded for fresh consideration per Orissa HC judgment. Book profit computations under section 115JB were decided favorably for assessee regarding prior period expenses, capital grant, and excess depreciation based on established tribunal precedents. en-us Thu, 19 Dec 2024 00:00:00 +0530 Thu, 26 Dec 2024 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763759 The ITAT Ahmedabad dismissed revenue's appeal regarding guarantee fees paid to Gujarat government, upholding CIT(A)'s decision to allow it as revenue expenditure while directing AO verification. The tribunal remitted capital grant addition back to AO for fresh assessment following coordinate bench precedent. Prior period expenditure disallowance was set aside for de novo assessment. Additional depreciation under section 32(1)(iia) was allowed following Gujarat HC precedent in Kadodara Power case. Interest income classification was remanded for fresh consideration per Orissa HC judgment. Book profit computations under section 115JB were decided favorably for assessee regarding prior period expenses, capital grant, and excess depreciation based on established tribunal precedents. Case-Laws Income Tax Thu, 19 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763759