https://www.taxtmi.com/caselaws?id=63456 The Tribunal partially allowed the appeal by deleting the inclusion of profit from the sale of isabutanol in the assessment year 1989-90. The issues regarding the deductibility of customs duty, fine, and penalty, as well as the enhancement of liability due to exchange fluctuation, were deemed irrelevant. The Tribunal instructed the Assessing Officer to verify and permit the deduction of the loss on chits if used for business purposes. Disallowances of car expenses and telephone expenses were upheld. en-us Mon, 21 Feb 1994 00:00:00 +0530 Mon, 31 Jan 2011 10:56:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63456 The Tribunal partially allowed the appeal by deleting the inclusion of profit from the sale of isabutanol in the assessment year 1989-90. The issues regarding the deductibility of customs duty, fine, and penalty, as well as the enhancement of liability due to exchange fluctuation, were deemed irrelevant. The Tribunal instructed the Assessing Officer to verify and permit the deduction of the loss on chits if used for business purposes. Disallowances of car expenses and telephone expenses were upheld. Case-Laws Income Tax Mon, 21 Feb 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63456