https://www.taxtmi.com/caselaws?id=250473 HC upheld the Tribunal's restriction that total disallowance of land development expenses, including assessee's own offer, cannot exceed 10% of cash-incurred expenses, and dismissed Revenue's challenge. On interest-free advances, HC agreed with the Tribunal that monies were advanced in earlier years out of interest-free funds, with no diversion of borrowed funds, and rejected Revenue's appeal. However, HC held that roads fall within "building" for depreciation purposes and upheld the AO's restriction of depreciation to 10% on roads and 15% on electrical fittings, allowing Revenue's appeal on this issue. On directors' drawings debited as sales promotion and travelling expenses, HC remitted the matter to AO for reconsideration on merits, in favour of Revenue. en-us Mon, 04 Aug 2014 00:00:00 +0530 Thu, 27 Nov 2025 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250473 HC upheld the Tribunal's restriction that total disallowance of land development expenses, including assessee's own offer, cannot exceed 10% of cash-incurred expenses, and dismissed Revenue's challenge. On interest-free advances, HC agreed with the Tribunal that monies were advanced in earlier years out of interest-free funds, with no diversion of borrowed funds, and rejected Revenue's appeal. However, HC held that roads fall within "building" for depreciation purposes and upheld the AO's restriction of depreciation to 10% on roads and 15% on electrical fittings, allowing Revenue's appeal on this issue. On directors' drawings debited as sales promotion and travelling expenses, HC remitted the matter to AO for reconsideration on merits, in favour of Revenue. Case-Laws Income Tax Mon, 04 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250473