https://www.taxtmi.com/caselaws?id=218691 The Tribunal partly allowed the assessee's appeal and dismissed the Revenue's appeal. The disallowance of guarantee commissions paid to directors was overturned, following precedent. Interest income was categorized as income from other sources, but netting was allowed with a nexus. Service charges were excluded from turnover for deduction. Distribution of food grains and gifts to employees was allowed for business promotion. Current repairs of machinery were considered revenue expenditure. Income from self-generated electricity and warranty provision write-back were not excluded from business profit. en-us Thu, 19 Jan 2012 00:00:00 +0530 Fri, 23 Nov 2012 09:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218691 The Tribunal partly allowed the assessee's appeal and dismissed the Revenue's appeal. The disallowance of guarantee commissions paid to directors was overturned, following precedent. Interest income was categorized as income from other sources, but netting was allowed with a nexus. Service charges were excluded from turnover for deduction. Distribution of food grains and gifts to employees was allowed for business promotion. Current repairs of machinery were considered revenue expenditure. Income from self-generated electricity and warranty provision write-back were not excluded from business profit. Case-Laws Income Tax Thu, 19 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218691