https://www.taxtmi.com/caselaws?id=236732 The Tribunal allowed the club expenses as business expenditure deductible under section 37(1) and deleted additions on transfer pricing adjustment due to flawed comparison. The addition under section 41(1) for sales tax liability was deleted. Disallowance under section 14A was restricted to 5% of exempt income. The issue of deduction under section 80HHC for DEPB licenses was referred back for recalculation. The Tribunal allowed full deduction under section 80HHC without reducing it under section 80IB. Deductions under section 80IB for insurance claim and interest were allowed. The issue of transfer pricing adjustment for commission was restored for fresh adjudication. Additional depreciation was disallowed for assets acquired before 31/3/2005. Professional fees for SAP implementation were allowed as deduction. The issue based on Annual Information Return entries was remanded for re-adjudication. Cross appeals for A.Y. 2004-05 were partly allowed, while the assessee's appeal for A.Y. 2006-07 was partly allowed. The assessee's appeal for A.Y. 2007-08 was allowed for statistical purposes, and the revenue's appeal for the same year was dismissed. en-us Thu, 08 Aug 2013 00:00:00 +0530 Fri, 06 Sep 2013 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236732 The Tribunal allowed the club expenses as business expenditure deductible under section 37(1) and deleted additions on transfer pricing adjustment due to flawed comparison. The addition under section 41(1) for sales tax liability was deleted. Disallowance under section 14A was restricted to 5% of exempt income. The issue of deduction under section 80HHC for DEPB licenses was referred back for recalculation. The Tribunal allowed full deduction under section 80HHC without reducing it under section 80IB. Deductions under section 80IB for insurance claim and interest were allowed. The issue of transfer pricing adjustment for commission was restored for fresh adjudication. Additional depreciation was disallowed for assets acquired before 31/3/2005. Professional fees for SAP implementation were allowed as deduction. The issue based on Annual Information Return entries was remanded for re-adjudication. Cross appeals for A.Y. 2004-05 were partly allowed, while the assessee's appeal for A.Y. 2006-07 was partly allowed. The assessee's appeal for A.Y. 2007-08 was allowed for statistical purposes, and the revenue's appeal for the same year was dismissed. Case-Laws Income Tax Thu, 08 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236732