https://www.taxtmi.com/caselaws?id=64259 The appeal was allowed in part, with several disallowances and additions being deleted or remitted back for re-examination. The disallowance of foreign travel expenses, interest on borrowed capital diverted for non-business purposes, interest on income-tax liabilities, various expenses including club subscription, export promotion expenses, gift and advertisement expenses, festival expenses, and travel expenses were either deleted or remitted for re-examination. The additions to the trading account due to decline in turnover and difference in interest chargeable from a debtor were also deleted. However, the disallowance under Section 37(2A) of the IT Act was partially upheld with modifications. en-us Wed, 15 Jun 1994 00:00:00 +0530 Sat, 05 Feb 2011 16:54:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64259 The appeal was allowed in part, with several disallowances and additions being deleted or remitted back for re-examination. The disallowance of foreign travel expenses, interest on borrowed capital diverted for non-business purposes, interest on income-tax liabilities, various expenses including club subscription, export promotion expenses, gift and advertisement expenses, festival expenses, and travel expenses were either deleted or remitted for re-examination. The additions to the trading account due to decline in turnover and difference in interest chargeable from a debtor were also deleted. However, the disallowance under Section 37(2A) of the IT Act was partially upheld with modifications. Case-Laws Income Tax Wed, 15 Jun 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64259