https://www.taxtmi.com/caselaws?id=211798 The court ruled in favor of the Revenue regarding the disallowance of foreign expenses incurred on the relatives of the Directors, overturning the ITAT's decision. The disallowance of pre-operative expenses for the establishment of textile and files division was not considered a substantial question of law. The set off of short term capital loss against short term capital gain and deduction under Section 80M without adjusting the loss on the sale of shares were upheld based on previous Supreme Court judgments. The court classified the actual premium paid on the redemption of debentures as revenue expenditure. A fresh decision was ordered for the deletion of additions in the value of inventory and goods in process due to inadequate evaluation by the Tribunal. en-us Tue, 20 Mar 2012 00:00:00 +0530 Thu, 26 Nov 2015 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211798 The court ruled in favor of the Revenue regarding the disallowance of foreign expenses incurred on the relatives of the Directors, overturning the ITAT's decision. The disallowance of pre-operative expenses for the establishment of textile and files division was not considered a substantial question of law. The set off of short term capital loss against short term capital gain and deduction under Section 80M without adjusting the loss on the sale of shares were upheld based on previous Supreme Court judgments. The court classified the actual premium paid on the redemption of debentures as revenue expenditure. A fresh decision was ordered for the deletion of additions in the value of inventory and goods in process due to inadequate evaluation by the Tribunal. Case-Laws Income Tax Tue, 20 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211798