https://www.taxtmi.com/caselaws?id=65232 The case involved various issues such as disallowance of expenses and deductions under different sections of the Income Tax Act. The CIT(A) ruled in favor of the assessee on several disallowances, citing previous Tribunal decisions. However, on the deduction of alleged discount and disallowance under section 35(1)(iv), the Tribunal set aside the CIT(A)'s orders for fresh adjudication. The Tribunal also directed the AO to allow a specific percentage of deduction for expenses incurred on partly convertible debentures. The matter regarding computation of deduction under section 80-I was sent back to the AO for further verification and adjustment of losses. Ultimately, both appeals were partly allowed. en-us Mon, 31 Dec 2001 00:00:00 +0530 Mon, 22 May 2017 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65232 The case involved various issues such as disallowance of expenses and deductions under different sections of the Income Tax Act. The CIT(A) ruled in favor of the assessee on several disallowances, citing previous Tribunal decisions. However, on the deduction of alleged discount and disallowance under section 35(1)(iv), the Tribunal set aside the CIT(A)'s orders for fresh adjudication. The Tribunal also directed the AO to allow a specific percentage of deduction for expenses incurred on partly convertible debentures. The matter regarding computation of deduction under section 80-I was sent back to the AO for further verification and adjustment of losses. Ultimately, both appeals were partly allowed. Case-Laws Income Tax Mon, 31 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65232