https://www.taxtmi.com/caselaws?id=151451 The Tribunal partly allowed the appeals, directing re-computation of profits by the Assessing Officer concerning adjustments under Section 145A and excluding sales tax from the total turnover for Section 80HHC deductions. Interest income was excluded from business profits under Clause (baa) due to lack of business nexus evidence. The sale of scrap was included in the total turnover. The disallowance of 50% of foreign travel expenses was upheld due to insufficient business connection proof. The payment under the SEBI Regularization Scheme was not considered a penalty, and its disallowance was deleted. The judgment was pronounced on 9th January 2009. en-us Fri, 09 Jan 2009 00:00:00 +0530 Fri, 03 Nov 2023 10:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151451 The Tribunal partly allowed the appeals, directing re-computation of profits by the Assessing Officer concerning adjustments under Section 145A and excluding sales tax from the total turnover for Section 80HHC deductions. Interest income was excluded from business profits under Clause (baa) due to lack of business nexus evidence. The sale of scrap was included in the total turnover. The disallowance of 50% of foreign travel expenses was upheld due to insufficient business connection proof. The payment under the SEBI Regularization Scheme was not considered a penalty, and its disallowance was deleted. The judgment was pronounced on 9th January 2009. Case-Laws Income Tax Fri, 09 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151451