https://www.taxtmi.com/caselaws?id=117640 The Tribunal upheld the CIT(A)'s decisions on multiple issues. It confirmed that unabsorbed depreciation from AY 1994-95 could not be set off before deduction u/s 80-IA for AY 1995-96, and that repairs were revenue expenditure under section 37. It deleted disallowances related to Modvat credit, entertainment expenses, rule 6D, and adjusted foreign travel expenses. The Tribunal ruled interest on right issue proceeds taxable in AY 1997-98, supported the inclusion of sales tax in total turnover for deduction u/s 80HHC, and favored the assessee on freight outward inclusion in closing stock. Lease and Buy Back issues were deemed infructuous. en-us Mon, 14 Feb 2005 00:00:00 +0530 Wed, 19 Jun 2024 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117640 The Tribunal upheld the CIT(A)'s decisions on multiple issues. It confirmed that unabsorbed depreciation from AY 1994-95 could not be set off before deduction u/s 80-IA for AY 1995-96, and that repairs were revenue expenditure under section 37. It deleted disallowances related to Modvat credit, entertainment expenses, rule 6D, and adjusted foreign travel expenses. The Tribunal ruled interest on right issue proceeds taxable in AY 1997-98, supported the inclusion of sales tax in total turnover for deduction u/s 80HHC, and favored the assessee on freight outward inclusion in closing stock. Lease and Buy Back issues were deemed infructuous. Case-Laws Income Tax Mon, 14 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117640