https://www.taxtmi.com/caselaws?id=236228 Broken period interest was deductible where interest income from securities was assessed as business income, and deferred payment guarantee commission was required to be spread over the relevant period rather than fully recognised upfront. Guest house expenditure and depreciation were disallowed under the statutory bar, while entertainment expenses attributable to employees required recomputation rather than blanket disallowance. Payments to schools for officers' children were treated as staff welfare expenditure and allowed. Interest under sections 234B, 220(2) and 215 was held not deductible or set off. Finance-lease depreciation, deduction under section 36(1)(viia) beyond the statutory limit, and interest taxability from the suspense account were decided against the assessee on the stated principles, with one foreign tax issue remanded for verification. en-us Fri, 26 Jul 2013 00:00:00 +0530 Wed, 23 Mar 2016 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236228 Broken period interest was deductible where interest income from securities was assessed as business income, and deferred payment guarantee commission was required to be spread over the relevant period rather than fully recognised upfront. Guest house expenditure and depreciation were disallowed under the statutory bar, while entertainment expenses attributable to employees required recomputation rather than blanket disallowance. Payments to schools for officers' children were treated as staff welfare expenditure and allowed. Interest under sections 234B, 220(2) and 215 was held not deductible or set off. Finance-lease depreciation, deduction under section 36(1)(viia) beyond the statutory limit, and interest taxability from the suspense account were decided against the assessee on the stated principles, with one foreign tax issue remanded for verification. Case-Laws Income Tax Fri, 26 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236228