https://www.taxtmi.com/caselaws?id=118266 The tribunal partially allowed the appeal, reducing the disallowance of telephone expenses to 1/6th of the claimed amount for personal use. It remanded the issue of adjustment of unabsorbed depreciation and business losses to verify timely filing of returns for specific years, allowing adjustment if compliant with section 139(1) of the Income-tax Act. Interest under section 234B was upheld as consequential, while penalty proceedings under section 271(1)(b) & (c) were deemed premature and lacking merit. The judgment emphasized adherence to legal provisions and case laws in determining the outcome. en-us Tue, 23 May 2006 00:00:00 +0530 Fri, 29 Jun 2012 15:59:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118266 The tribunal partially allowed the appeal, reducing the disallowance of telephone expenses to 1/6th of the claimed amount for personal use. It remanded the issue of adjustment of unabsorbed depreciation and business losses to verify timely filing of returns for specific years, allowing adjustment if compliant with section 139(1) of the Income-tax Act. Interest under section 234B was upheld as consequential, while penalty proceedings under section 271(1)(b) & (c) were deemed premature and lacking merit. The judgment emphasized adherence to legal provisions and case laws in determining the outcome. Case-Laws Income Tax Tue, 23 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118266