https://www.taxtmi.com/caselaws?id=459794 The ITAT Ahmedabad ruled on multiple tax issues for a 100% EOU. The tribunal allowed section 10B exemption for other income including DEPB, duty drawback, and DEPB rate difference, finding these belonged to the eligible undertaking. Capital market study expenses were denied under section 37(1) but allowed under section 35D. Investment loss provisions were included in section 10B deduction calculations. No double deduction was found for duty drawback income. MAT additions for asset diminution were deleted. Section 14A disallowances were limited to lower of exempted income or calculated amount. Rental income from land was correctly treated as income from other sources. Transfer pricing adjustments for corporate guarantees and share application money were deleted. TDS provisions under section 195 were held inapplicable for non-resident services rendered outside India. The tribunal partly allowed assessee appeals while dismissing revenue appeals on most issues. en-us Fri, 30 Jul 2021 00:00:00 +0530 Sat, 28 Dec 2024 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459794 The ITAT Ahmedabad ruled on multiple tax issues for a 100% EOU. The tribunal allowed section 10B exemption for other income including DEPB, duty drawback, and DEPB rate difference, finding these belonged to the eligible undertaking. Capital market study expenses were denied under section 37(1) but allowed under section 35D. Investment loss provisions were included in section 10B deduction calculations. No double deduction was found for duty drawback income. MAT additions for asset diminution were deleted. Section 14A disallowances were limited to lower of exempted income or calculated amount. Rental income from land was correctly treated as income from other sources. Transfer pricing adjustments for corporate guarantees and share application money were deleted. TDS provisions under section 195 were held inapplicable for non-resident services rendered outside India. The tribunal partly allowed assessee appeals while dismissing revenue appeals on most issues. Case-Laws Income Tax Fri, 30 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459794