Corporate TaxArticle·16 July 2026
ITAT allows scrap credits and business expense claims
By J the App
Executive Summary
The ITAT deleted major disallowances relating to scrap credit, depreciation on account of CENVAT credit, provisions allowable under Section 43B, ad hoc disallowance of business expenditure, turnover reconciliation and staff welfare expenses.
Only the issue relating to depreciation on certain fixed assets was remanded for fresh verification regarding their actual use.
Domain | Direct tax | Corporate tax
Background
The assessee, a listed compan...
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