https://www.taxtmi.com/caselaws?id=120444 Hotel-related entertainment expenditure was partly restricted by attributing 25% to employees accompanying guests, while conference meals were treated as business expenditure and allowed. Premium on redemption of non-convertible debentures was not allowed in full in the year of redemption because the liability had to be matched with the debenture tenure, though the alternative relief under section 35D was allowed for the surviving component. Expenditure on issue of fully convertible debentures was held to be capital in nature because the substance of the transaction was raising equity capital, but section 35D relief was allowed. Other disallowances relating to unclaimed balances, club payments and school payments were allowed, while the cash-payment disallowance under section 40A(3) was sustained. en-us Wed, 30 Jul 2008 00:00:00 +0530 Thu, 19 Jul 2012 13:45:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120444 Hotel-related entertainment expenditure was partly restricted by attributing 25% to employees accompanying guests, while conference meals were treated as business expenditure and allowed. Premium on redemption of non-convertible debentures was not allowed in full in the year of redemption because the liability had to be matched with the debenture tenure, though the alternative relief under section 35D was allowed for the surviving component. Expenditure on issue of fully convertible debentures was held to be capital in nature because the substance of the transaction was raising equity capital, but section 35D relief was allowed. Other disallowances relating to unclaimed balances, club payments and school payments were allowed, while the cash-payment disallowance under section 40A(3) was sustained. Case-Laws Income Tax Wed, 30 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120444