https://www.taxtmi.com/caselaws?id=462318 ITAT Chennai held that section 14A cannot be invoked when assessee earns no exempt income, following HC precedents. Interest income earned during pre-operative period from temporary deposits was treated as capital receipt to be capitalized against work-in-progress, not revenue receipt, citing SC decision in Bokaro Steel Ltd. Computer software depreciation was allowed at 60% rate instead of 25% as it qualifies under computer software category. Issue regarding disallowance of interest on delayed TDS remittance was remitted back to AO for verification of expenditure's true character. en-us Wed, 03 Aug 2022 00:00:00 +0530 Tue, 10 Jun 2025 18:57:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462318 ITAT Chennai held that section 14A cannot be invoked when assessee earns no exempt income, following HC precedents. Interest income earned during pre-operative period from temporary deposits was treated as capital receipt to be capitalized against work-in-progress, not revenue receipt, citing SC decision in Bokaro Steel Ltd. Computer software depreciation was allowed at 60% rate instead of 25% as it qualifies under computer software category. Issue regarding disallowance of interest on delayed TDS remittance was remitted back to AO for verification of expenditure's true character. Case-Laws Income Tax Wed, 03 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462318