https://www.taxtmi.com/caselaws?id=64036 The Tribunal denied relief under sections 80HHA and 80-I for receipts from cash compensatory support and sale of import licenses, ruling they do not qualify as profits from an industrial undertaking. Duty drawback was included in profits for deductions based on precedent. Unabsorbed deductions under section 80VVA were rejected due to lack of evidence. Testing charges were deemed revenue expenditure. Disallowance of personal use expenses for directors was deleted. Damages for breach of contract were disallowed. Foreign travel expenses were allowed. Relief computation excluded Head Office loss. Simultaneous deductions under sections 80J and 80-I were disallowed. Total deduction was not restricted to 70% of total income. Interest levy under sections 217 and 139(8) was canceled. An Accountant Member and Third Member advocated for inclusion of compensatory support and license sale in eligible profits. en-us Thu, 05 Nov 1992 00:00:00 +0530 Tue, 25 Jun 2013 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64036 The Tribunal denied relief under sections 80HHA and 80-I for receipts from cash compensatory support and sale of import licenses, ruling they do not qualify as profits from an industrial undertaking. Duty drawback was included in profits for deductions based on precedent. Unabsorbed deductions under section 80VVA were rejected due to lack of evidence. Testing charges were deemed revenue expenditure. Disallowance of personal use expenses for directors was deleted. Damages for breach of contract were disallowed. Foreign travel expenses were allowed. Relief computation excluded Head Office loss. Simultaneous deductions under sections 80J and 80-I were disallowed. Total deduction was not restricted to 70% of total income. Interest levy under sections 217 and 139(8) was canceled. An Accountant Member and Third Member advocated for inclusion of compensatory support and license sale in eligible profits. Case-Laws Income Tax Thu, 05 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64036