https://www.taxtmi.com/caselaws?id=255635 The court ruled in favor of the revenue regarding the deductibility of guest house expenses under Section 37(4) of the Income Tax Act, deeming them disallowable. The court partially upheld the inclusion of certain interest types for Section 80-I benefits and clarified that the deduction under Section 32AB should be based on the profits of eligible business units only. Depreciation on guest house expenses, rent, repairs, and interest on debentures, loans, inter-corporate deposits, and dividends were also addressed, with disallowance upheld for most expenses under Section 37(4). The judgment aligned with legal precedents and remanded specific matters for further verification by the Assessing Officer. en-us Mon, 19 Jan 2015 00:00:00 +0530 Fri, 08 May 2015 15:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255635 The court ruled in favor of the revenue regarding the deductibility of guest house expenses under Section 37(4) of the Income Tax Act, deeming them disallowable. The court partially upheld the inclusion of certain interest types for Section 80-I benefits and clarified that the deduction under Section 32AB should be based on the profits of eligible business units only. Depreciation on guest house expenses, rent, repairs, and interest on debentures, loans, inter-corporate deposits, and dividends were also addressed, with disallowance upheld for most expenses under Section 37(4). The judgment aligned with legal precedents and remanded specific matters for further verification by the Assessing Officer. Case-Laws Income Tax Mon, 19 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255635