https://www.taxtmi.com/caselaws?id=119463 The Tribunal allowed the assessee's appeals on several disallowances, including club expenses, interest on borrowed capital, and deductions for a new power project, citing judicial precedents and consistency. It set aside the tax authorities' orders on these issues. However, it upheld the disallowance of gratuity payments made beyond the statutory period. The Tribunal also directed verification for the loss on foreign currency loan conversion. Disallowances of expenses related to the Bio-tech Division and manufacturing were found arbitrary and were set aside, allowing deductions for both assessment years. en-us Fri, 11 May 2007 00:00:00 +0530 Sat, 17 Feb 2024 13:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119463 The Tribunal allowed the assessee's appeals on several disallowances, including club expenses, interest on borrowed capital, and deductions for a new power project, citing judicial precedents and consistency. It set aside the tax authorities' orders on these issues. However, it upheld the disallowance of gratuity payments made beyond the statutory period. The Tribunal also directed verification for the loss on foreign currency loan conversion. Disallowances of expenses related to the Bio-tech Division and manufacturing were found arbitrary and were set aside, allowing deductions for both assessment years. Case-Laws Income Tax Fri, 11 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119463