https://www.taxtmi.com/caselaws?id=776179 ITAT Delhi allowed the leave encashment expense deduction only on actual payment. Interest under s. 234C was limited to advance tax on returned income, not assessed income, and interest under s. 234B was to be charged on income computed by the Tribunal. Incentives received under the Foreign Trade Policy's Focus Product Scheme were held to be capital receipts, not taxable income, and excluded from MAT book profits under s. 115JB. Disallowance of guest house rent was deleted for lack of evidence that it was non-business expenditure. No further disallowance under s. 14A was made beyond the dividend income already disallowed. Deduction under s. 10B was allowed on total business profits, including other income like insurance claims, as supported by precedent. The appeal was partly allowed on these grounds. en-us Wed, 04 Jun 2025 00:00:00 +0530 Wed, 06 Aug 2025 08:19:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776179 ITAT Delhi allowed the leave encashment expense deduction only on actual payment. Interest under s. 234C was limited to advance tax on returned income, not assessed income, and interest under s. 234B was to be charged on income computed by the Tribunal. Incentives received under the Foreign Trade Policy's Focus Product Scheme were held to be capital receipts, not taxable income, and excluded from MAT book profits under s. 115JB. Disallowance of guest house rent was deleted for lack of evidence that it was non-business expenditure. No further disallowance under s. 14A was made beyond the dividend income already disallowed. Deduction under s. 10B was allowed on total business profits, including other income like insurance claims, as supported by precedent. The appeal was partly allowed on these grounds. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776179