Deduction u/s. 80IA(4)(i) on storage tank MDI and storage tank ...

Tribunal Confirms Deductions for Storage Tanks, Allows Share Issue Expenses, and Analyzes Exempt Income Expense Allocation.

April 5, 2024

Case Laws Income Tax AT

Deduction u/s. 80IA(4)(i) on storage tank MDI and storage tank EDA - By affirming the eligibility for deductions u/s 80IA(4) for the specialized storage tanks, the tribunal underscored the broader interpretation of infrastructure facilities in the context of port operations. The decision to allow share issue expenses under section 35D reiterates the acceptance of capital nature expenses pre-business commencement. Meanwhile, the nuanced approach in dealing with section 14A disallowances reflects the tribunal's acknowledgment of the complexity surrounding the allocation of expenses towards earning exempt income.

View Source

← Previous Next →

Deduction u/s. 80IA(4)(i) on storage tank MDI and storage tank ...

Tribunal Confirms Deductions for Storage Tanks, Allows Share Issue Expenses, and Analyzes Exempt Income Expense Allocation.

April 5, 2024

Case Laws Income Tax AT

You may also like:

Deduction of broken period interest paid on securities and deduction of expenditure incurred on the issue of Fully Convertible Debentures (FCDs). Regarding broken period...

The Appellate Tribunal addressed various issues in the case. It directed the AO to delete the disallowance of consequential depreciation on unverified expenses and remit...

Prima facie tax is payable on storage and warehousing from refineries to storage tanks and connecting pipeline to storage tank of SPIC comply - AT

Assessee followed joint venture model for sharing revenue with collaborators as per franchise agreement. Assessee recorded all revenues, incurred expenditure, and shared...

The assessee, engaged in the business of shares and securities, claimed administration expenses, including Portfolio Management Service (PMS) expenses, against capital...

The ITAT ruled that expenses related to an aborted Initial Public Offering (IPO) are deductible under s.37 of the Income Tax Act, following the precedent set in Nimbus...

Classification of service - appellants had been appointed as custodian of imported edible oils under Customs Act, 1962 and had rented/leased out their storage tanks in...

Capital gain computation - lease rental expenses are related to the transfer of slump sale business while computing the capital gain u/s 48(1) or not? - The Tribunal...

The assessee's claim for deduction u/s 80IC for the finished products manufactured at Unit No. III at Paonta Sahib, Himachal Pradesh, was initially allowed but later...

Various issues related to allowability of expenses, deductions, transfer pricing adjustments, and other income tax matters for a pharmaceutical company. Key points are:...

The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

Depreciation on a part of issue of shares capitalised to Plant & Machinery and factory equipment denied - there is independent provision for amortisation expenses in...

Deduction u/s 80P - interest income - The tribunal noted that section 80P(2)(a)(i) allows deduction for cooperative societies engaged in banking or providing credit...

The assessee, a company engaged in development/construction and sale of flats and plots, had classified its properties into four categories: flats open for sale, let-out...

The ITAT Ahmedabad ruled on two key issues: 1) Determination of Selling Price of Shares for LTCG Calculation - Held that the AR's contention regarding higher...

Quick Updates: