https://www.taxtmi.com/caselaws?id=236873 The Tribunal directed adjustments in opening stock and purchases regarding unutilized MODVAT credit. Disallowance of royalty payment was allowed in the subsequent year. The issue of bad debt was sent back for fresh verification. Disallowance of closing stock due to free samples was remanded for examination. Disallowance of discount and commission expenditure was upheld. Disallowance of sales promotion expenses was deleted. Disallowance of traveling expenses was deleted. Disallowance of loss on sale of investments was sent back for verification. Disallowance of DEPB income deduction was upheld. Adjustments were directed for various receipts deduction. Interest on FD and income tax refund exclusion was clarified. Reversal of revaluation loss reduction was rejected. Deduction under section 80-IB was not to be reduced. Interest levy was to be recomputed. Depreciation on SAP expenses was to be reconsidered. Set off of capital loss was to be reviewed. Transfer pricing adjustments were remanded for further examination. en-us Fri, 19 Jul 2013 00:00:00 +0530 Sat, 30 Apr 2022 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236873 The Tribunal directed adjustments in opening stock and purchases regarding unutilized MODVAT credit. Disallowance of royalty payment was allowed in the subsequent year. The issue of bad debt was sent back for fresh verification. Disallowance of closing stock due to free samples was remanded for examination. Disallowance of discount and commission expenditure was upheld. Disallowance of sales promotion expenses was deleted. Disallowance of traveling expenses was deleted. Disallowance of loss on sale of investments was sent back for verification. Disallowance of DEPB income deduction was upheld. Adjustments were directed for various receipts deduction. Interest on FD and income tax refund exclusion was clarified. Reversal of revaluation loss reduction was rejected. Deduction under section 80-IB was not to be reduced. Interest levy was to be recomputed. Depreciation on SAP expenses was to be reconsidered. Set off of capital loss was to be reviewed. Transfer pricing adjustments were remanded for further examination. Case-Laws Income Tax Fri, 19 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236873