IndAS entries cannot by itself determine tax computation

ITAT held that a P&L credit under Ind AS cannot automatically become taxable income, nor can a difference in Ind AS and ICDS computation be treated as double deduction. 

It accordingly allowed the disputed security deposit, royalty, EPCG grant and borrowing-cost adjustments, while also holding that an R&D deduction cannot be denied merely because the prescribed authority had not furnished Form 3CL.