ASSISTANT COMMISSIONER OF INCOME TAX, VEJALPUR vs. MUNDRA INTERNATIONAL CONTAINER TERMINAL PVT. LTD. , KACHCHH

Facts

The assessee and revenue filed cross-appeals against the CIT(A)'s order concerning disallowance under Section 14A, depreciation on intangible assets, and deduction under Section 80IA(4). The case involves assessment years 2017-18 and 2018-19.

Held

The Tribunal upheld the CIT(A)'s restriction of disallowance under Section 14A to Rs. 24,00,000. It also confirmed the deletion of disallowance of depreciation on intangible assets and allowed the deduction under Section 80IA(4), following previous decisions.

Key Issues

Whether the disallowance under Section 14A was correctly computed, whether depreciation on intangible assets is allowable, and if the assessee is eligible for deduction under Section 80IA(4).