https://www.taxtmi.com/caselaws?id=217342 The High Court ruled in favor of the assessee on all issues, upholding the decisions of the CIT (Appeals) and the Tribunal. The court allowed the entertainment expenditure incurred on employees, depreciation on the increased cost of fixed assets due to foreign exchange rate fluctuations, payment to UP State Electricity Board as revenue expenditure, deletion of addition towards the value of closing stock, and deletion of disallowance of brand building and dealer loyalty expenditure. All appeals filed by the revenue were dismissed, with no order as to costs. en-us Mon, 03 Sep 2012 00:00:00 +0530 Wed, 10 Oct 2012 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217342 The High Court ruled in favor of the assessee on all issues, upholding the decisions of the CIT (Appeals) and the Tribunal. The court allowed the entertainment expenditure incurred on employees, depreciation on the increased cost of fixed assets due to foreign exchange rate fluctuations, payment to UP State Electricity Board as revenue expenditure, deletion of addition towards the value of closing stock, and deletion of disallowance of brand building and dealer loyalty expenditure. All appeals filed by the revenue were dismissed, with no order as to costs. Case-Laws Income Tax Mon, 03 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217342