https://www.taxtmi.com/caselaws?id=249992 Rejection of books and the resulting gross profit additions for the Bhiwadi and Delhi units were not finally sustained, because the audit report, audit qualifications and decline in gross profit required fresh verification; the matter was remanded for de novo adjudication. Managerial remuneration to whole-time directors and salary paid to relatives of directors were within the Companies Act ceilings, so the corresponding disallowance was deleted. Year-end foreign exchange fluctuation loss on outstanding foreign currency items was allowable on mercantile principles, and the VAT amount written off was not disallowable where no taxable benefit had accrued. Deduction under section 10B was allowed in principle on the basis of earlier-year treatment and export-oriented status. en-us Mon, 30 Jun 2014 00:00:00 +0530 Wed, 30 Jul 2014 07:54:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249992 Rejection of books and the resulting gross profit additions for the Bhiwadi and Delhi units were not finally sustained, because the audit report, audit qualifications and decline in gross profit required fresh verification; the matter was remanded for de novo adjudication. Managerial remuneration to whole-time directors and salary paid to relatives of directors were within the Companies Act ceilings, so the corresponding disallowance was deleted. Year-end foreign exchange fluctuation loss on outstanding foreign currency items was allowable on mercantile principles, and the VAT amount written off was not disallowable where no taxable benefit had accrued. Deduction under section 10B was allowed in principle on the basis of earlier-year treatment and export-oriented status. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249992