https://www.taxtmi.com/caselaws?id=63106 The Tribunal partially allowed the revenue's appeal. It upheld the CIT(A)'s decisions on disallowing gift expenditure and recognizing the exchange rate fluctuation loss as trading liability. However, it reversed the CIT(A)'s decision on the deduction under section 80-I for interest income, finding no direct nexus with the industrial undertaking. Furthermore, the Tribunal admitted the additional ground and ruled against the deduction for the cash subsidy on exports under section 80-I, as it was not directly derived from the industrial undertaking. en-us Fri, 17 Feb 2006 00:00:00 +0530 Thu, 21 Mar 2024 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63106 The Tribunal partially allowed the revenue's appeal. It upheld the CIT(A)'s decisions on disallowing gift expenditure and recognizing the exchange rate fluctuation loss as trading liability. However, it reversed the CIT(A)'s decision on the deduction under section 80-I for interest income, finding no direct nexus with the industrial undertaking. Furthermore, the Tribunal admitted the additional ground and ruled against the deduction for the cash subsidy on exports under section 80-I, as it was not directly derived from the industrial undertaking. Case-Laws Income Tax Fri, 17 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63106