https://www.taxtmi.com/caselaws?id=218825 Ad hoc disallowance of entertainment expenses was sustained where supporting material was not produced, with the restriction to a nominal amount upheld. Section 44C did not apply to expenditure proved to be incurred exclusively for the Indian branch's business, so the disallowance for NRI deposit solicitation and training costs was deleted. For bad and doubtful debts, the opening credit balance as on 1 April was held relevant for adjustment. Loss on unmatured forward exchange contracts and the cost of funds for tax-free income required fresh verification and were remanded. Disallowances for payments to Visa and MasterCard, guest house expenses, and broken period interest were deleted. en-us Fri, 13 Jan 2012 00:00:00 +0530 Tue, 27 Nov 2012 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218825 Ad hoc disallowance of entertainment expenses was sustained where supporting material was not produced, with the restriction to a nominal amount upheld. Section 44C did not apply to expenditure proved to be incurred exclusively for the Indian branch's business, so the disallowance for NRI deposit solicitation and training costs was deleted. For bad and doubtful debts, the opening credit balance as on 1 April was held relevant for adjustment. Loss on unmatured forward exchange contracts and the cost of funds for tax-free income required fresh verification and were remanded. Disallowances for payments to Visa and MasterCard, guest house expenses, and broken period interest were deleted. Case-Laws Income Tax Fri, 13 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218825