https://www.taxtmi.com/caselaws?id=460604 The ITAT Rajkot dismissed all grounds of Revenue's appeal and allowed certain grounds in the assessee's appeal. The Tribunal upheld CIT(A)'s deletion of disallowances for damages and settlement expenses, finding them compensatory in nature. Disallowances for surrender of OCCPS rights, delayed project completion compensation, differential royalty on Basalt, additional depreciation on plant machinery, club expenses, license fees, and amounts under sections 40A(9), 14A, and 40(a)(ia) were all deleted. The Tribunal directed treating electricity line costs as revenue expenditure and allowed contribution towards PWD road construction as business expenditure. en-us Wed, 05 Jul 2023 00:00:00 +0530 Tue, 04 Feb 2025 19:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460604 The ITAT Rajkot dismissed all grounds of Revenue's appeal and allowed certain grounds in the assessee's appeal. The Tribunal upheld CIT(A)'s deletion of disallowances for damages and settlement expenses, finding them compensatory in nature. Disallowances for surrender of OCCPS rights, delayed project completion compensation, differential royalty on Basalt, additional depreciation on plant machinery, club expenses, license fees, and amounts under sections 40A(9), 14A, and 40(a)(ia) were all deleted. The Tribunal directed treating electricity line costs as revenue expenditure and allowed contribution towards PWD road construction as business expenditure. Case-Laws Income Tax Wed, 05 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460604