https://www.taxtmi.com/caselaws?id=243958 Advertisement-film production costs were treated as revenue expenditure, following earlier years' Tribunal orders and deleting the disallowance. MODVAT-related closing-stock adjustment under section 145A was remanded for fresh adjudication with corresponding opening-stock relief. Ad hoc disallowances of travelling expenses were deleted for lack of specific defects, while professional sponsorship and free-samples expenses were restricted to 2% each. Depreciation on testing equipment used in laboratories and hospitals was allowed as business use was accepted. Transfer-pricing adjustments on royalty, tax, service tax and R&D cess were deleted because the payments were supported by agreements and approvals. An ad hoc adjustment to publicity and sales-promotion expenses was also rejected because arm's length price must be determined under a prescribed method. en-us Wed, 05 Feb 2014 00:00:00 +0530 Fri, 14 Feb 2014 07:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243958 Advertisement-film production costs were treated as revenue expenditure, following earlier years' Tribunal orders and deleting the disallowance. MODVAT-related closing-stock adjustment under section 145A was remanded for fresh adjudication with corresponding opening-stock relief. Ad hoc disallowances of travelling expenses were deleted for lack of specific defects, while professional sponsorship and free-samples expenses were restricted to 2% each. Depreciation on testing equipment used in laboratories and hospitals was allowed as business use was accepted. Transfer-pricing adjustments on royalty, tax, service tax and R&D cess were deleted because the payments were supported by agreements and approvals. An ad hoc adjustment to publicity and sales-promotion expenses was also rejected because arm's length price must be determined under a prescribed method. Case-Laws Income Tax Wed, 05 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243958