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Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarified
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Commercial vehicles purchased during the stipulated period were treated as eligible for higher depreciation. For in-house research and development, deduction beyond expenditure approved by the prescribed authority requires verification of the difference between approved and actual expenditure before consequential allowance. Where interest-free funds exceed investments yielding exempt income, investments may be presumed to have been made from those funds, supporting deletion of the related disallowance under rule 8D(2)(iii). Club-facility expenses incurred in individuals' names or of a personal nature do not satisfy the requirement of being wholly and exclusively for business purposes and remain disallowable.
Commercial vehicles purchased during the stipulated period were treated as eligible for higher depreciation. For in-house research and development, deduction beyond expenditure approved by the prescribed authority requires verification of the difference between approved and actual expenditure before consequential allowance. Where interest-free funds exceed investments yielding exempt income, investments may be presumed to have been made from those funds, supporting deletion of the related disallowance under rule 8D(2)(iii). Club-facility expenses incurred in individuals' names or of a personal nature do not satisfy the requirement of being wholly and exclusively for business purposes and remain disallowable.
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