Compensatory Interest, Section 80G CSR Deduction and Workforce Depreciation Allowable: Delhi ITAT

Advertisement T.V. Today Network Limited Vs ACIT (ITAT Delhi) Deduction was allowable on compensatory interest, zero-exempt-income u/s 14A disallowance, 80G CSR deductions, and workforce depreciation Conclusion: Interest on delayed payment of the FM radio migration fee was a compensatory business expenditure deductible under Section 37(1); no disallowance under Section 14A could be made in the absence of exempt income; CSR contributions made to an approved institution remained eligible for deduction under Section 80G notwithstanding the disallowance under Section 37(1); and depreciation was...