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of <h1>ITAT Chennai Rules in Favor of Appellant on Interest, Depreciation, and Foreign Exchange Issues in Corporate Tax Case.</h1> The ITAT Chennai judgment addressed four key issues involving a corporate appellant. Firstly, the tribunal disagreed with the disallowance of interest and foreign exchange fluctuations related to capital projects, allowing the appellant's claim. Secondly, it accepted the appellant's alternative argument on the disallowance of a DG set write-off, directing depreciation to be granted. Thirdly, the tribunal found sufficient interest-free funds for advances to sister concerns, overturning the disallowance of proportionate interest. Lastly, it ruled against the disallowance of interest on Inter-Corporate Deposits, as the appellant adequately demonstrated the source of funds. The judgment emphasizes the importance of precise tax compliance and documentation.
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