https://www.taxtmi.com/caselaws?id=237103 Commission paid to directors was treated as a deductible business expense where the payment was commercially justified and no contrary material rebutted the assessee's claim. For captive power transfers, section 80IA deduction was computed by reference to the Electricity Board tariff charged to consumers, not by reducing the tariff for incidental components, and the deduction was allowed on that basis. Stock adjustments under section 145A could not be made to closing stock without matching effect in opening stock, and the corresponding additions were deleted. Book-profit computation under section 115JB included loss from dividend stripping as expenditure relatable to exempt income, while the change from straight line to written down value depreciation was accepted for book-profit purposes. The section 14A interest disallowance was remitted for recomputation, and rejection of books with gross profit estimation was upheld, subject to modification of the estimate. en-us Fri, 15 Feb 2013 00:00:00 +0530 Wed, 18 Sep 2013 07:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237103 Commission paid to directors was treated as a deductible business expense where the payment was commercially justified and no contrary material rebutted the assessee's claim. For captive power transfers, section 80IA deduction was computed by reference to the Electricity Board tariff charged to consumers, not by reducing the tariff for incidental components, and the deduction was allowed on that basis. Stock adjustments under section 145A could not be made to closing stock without matching effect in opening stock, and the corresponding additions were deleted. Book-profit computation under section 115JB included loss from dividend stripping as expenditure relatable to exempt income, while the change from straight line to written down value depreciation was accepted for book-profit purposes. The section 14A interest disallowance was remitted for recomputation, and rejection of books with gross profit estimation was upheld, subject to modification of the estimate. Case-Laws Income Tax Fri, 15 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237103