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of <h1>High Court rules disallowance under Income-tax Act should apply to total expenses, not by business unit</h1> <h3>KN. Oil Industries Versus Commissioner Of Income Tax</h3> KN. Oil Industries Versus Commissioner Of Income Tax - [1998] 232 ITR 479, 151 CTR 433 The High Court of Madhya Pradesh ruled on an income-tax reference regarding the disallowance for section 37(3A) of the Income-tax Act, 1961. The court upheld the decision that the disallowance should be made from the total specified expenses of the assessee, not separately for each business unit. The Tribunal's decision was deemed justified, ruling in favor of the Revenue.
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