https://www.taxtmi.com/caselaws?id=776190 ITAT Delhi held that CSR expenses incurred prior to 01.04.2015 are allowable as per PEC Ltd (Delhi HC). Prior period expenses require AO verification to ensure no earlier claim; if unclaimed, they are deductible. Additions for revenue recognition were upheld against the assessee by Delhi HC and SC. Grants in aid related to the assessee's financing business are deductible. Revenue recognition on fees is allowed as per prior judgments. Marked-to-market losses on asset reinstatement were allowed following CIT(A) and Supreme Court precedents. Disallowance under section 14A was restricted to exempt income earned. Premium received on bonds was held to be revenue receipt, not capital. Incremental special reserve deductions were remitted to AO for reconsideration. Interest on FDRs was held to have nexus with business and treated as business income. Grounds 3 and 4 were dismissed. en-us Thu, 31 Jul 2025 00:00:00 +0530 Mon, 23 Feb 2026 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776190 ITAT Delhi held that CSR expenses incurred prior to 01.04.2015 are allowable as per PEC Ltd (Delhi HC). Prior period expenses require AO verification to ensure no earlier claim; if unclaimed, they are deductible. Additions for revenue recognition were upheld against the assessee by Delhi HC and SC. Grants in aid related to the assessee's financing business are deductible. Revenue recognition on fees is allowed as per prior judgments. Marked-to-market losses on asset reinstatement were allowed following CIT(A) and Supreme Court precedents. Disallowance under section 14A was restricted to exempt income earned. Premium received on bonds was held to be revenue receipt, not capital. Incremental special reserve deductions were remitted to AO for reconsideration. Interest on FDRs was held to have nexus with business and treated as business income. Grounds 3 and 4 were dismissed. Case-Laws Income Tax Thu, 31 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776190