https://www.taxtmi.com/caselaws?id=463885 ITAT Mumbai held that the surplus on redemption of treasury bills is taxable as capital gains, not interest, and sustained the CIT(A)'s view. Several disallowances were set aside and deductions allowed: amount written off on leasehold land, 40% of royalty under s.80O, recurring software expenses as revenue, GDR issue expenses under s.35D, sale-leaseback, dies/moulds/jigs/fixtures, foreign travel, prior-period expenses, electricity connection charges, inter-corporate deposit write-offs, and penalty receipts treated as capital. Administrative-expense disallowance under Rule 8D was limited prospectively; interest attributable to exempt income was allowed where excess interest-free funds existed; wealth-tax paid was allowed; DEPB taxability was remanded for reconsideration; exclusions under s.80HHC (scrap/misc receipts) were directed to be made; AO's appeal under s.40(a)(i) was dismissed. en-us Mon, 24 Jun 2024 00:00:00 +0530 Sat, 20 Sep 2025 15:28:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463885 ITAT Mumbai held that the surplus on redemption of treasury bills is taxable as capital gains, not interest, and sustained the CIT(A)'s view. Several disallowances were set aside and deductions allowed: amount written off on leasehold land, 40% of royalty under s.80O, recurring software expenses as revenue, GDR issue expenses under s.35D, sale-leaseback, dies/moulds/jigs/fixtures, foreign travel, prior-period expenses, electricity connection charges, inter-corporate deposit write-offs, and penalty receipts treated as capital. Administrative-expense disallowance under Rule 8D was limited prospectively; interest attributable to exempt income was allowed where excess interest-free funds existed; wealth-tax paid was allowed; DEPB taxability was remanded for reconsideration; exclusions under s.80HHC (scrap/misc receipts) were directed to be made; AO's appeal under s.40(a)(i) was dismissed. Case-Laws Income Tax Mon, 24 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463885