https://www.taxtmi.com/caselaws?id=65256 The note discusses multiple income-tax principles on deductibility and turnover computation. It states that provision for non-moving stock was allowable where dead stock valuation and write-off were supported by a consistent and genuine process, staff-related entertainment and club welfare expenditure could be treated as employee welfare, and school expenses for employees' children were not hit by section 40A(9) when no welfare fund or trust was created. It also notes that tax-interest, unsupported prior-period items, and price escalation not accepted by customers were not deductible or could not accrue as income, while exchange fluctuation on revenue imports was allowable as an ascertained liability. The article further addresses section 80HHC turnover adjustments, section 80I allocation, and denial of section 80G relief for want of proof. en-us Fri, 22 Jul 2005 00:00:00 +0530 Thu, 02 May 2024 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65256 The note discusses multiple income-tax principles on deductibility and turnover computation. It states that provision for non-moving stock was allowable where dead stock valuation and write-off were supported by a consistent and genuine process, staff-related entertainment and club welfare expenditure could be treated as employee welfare, and school expenses for employees' children were not hit by section 40A(9) when no welfare fund or trust was created. It also notes that tax-interest, unsupported prior-period items, and price escalation not accepted by customers were not deductible or could not accrue as income, while exchange fluctuation on revenue imports was allowable as an ascertained liability. The article further addresses section 80HHC turnover adjustments, section 80I allocation, and denial of section 80G relief for want of proof. Case-Laws Income Tax Fri, 22 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65256