https://www.taxtmi.com/caselaws?id=119616 Retrospective amendment to the bad-debt provision was applied to deny deduction of provision for doubtful debts, while foreign tour expenses for the chairman's wife were treated as allowable business expenditure on consistent facts and prior-year treatment. Guest house expenses remained disallowed under the statutory bar, but representation expenditure was allowed separately for each assessment year. Presentation articles without the company logo were not disallowed, project development expenses were treated as revenue, club membership fees were allowed, MODVAT adjustment in closing stock was rejected, and discount on commercial paper was deductible. A lump sum for 99-year leasehold rights was held capital in nature as premium or salami, not deductible as rent. Sundry credit balances written back were allowed, with related debt-write-off claims left for examination in subsequent years. en-us Thu, 15 Feb 2007 00:00:00 +0530 Fri, 02 Feb 2024 12:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119616 Retrospective amendment to the bad-debt provision was applied to deny deduction of provision for doubtful debts, while foreign tour expenses for the chairman's wife were treated as allowable business expenditure on consistent facts and prior-year treatment. Guest house expenses remained disallowed under the statutory bar, but representation expenditure was allowed separately for each assessment year. Presentation articles without the company logo were not disallowed, project development expenses were treated as revenue, club membership fees were allowed, MODVAT adjustment in closing stock was rejected, and discount on commercial paper was deductible. A lump sum for 99-year leasehold rights was held capital in nature as premium or salami, not deductible as rent. Sundry credit balances written back were allowed, with related debt-write-off claims left for examination in subsequent years. Case-Laws Income Tax Thu, 15 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119616