https://www.taxtmi.com/caselaws?id=256054 The Tribunal dismissed the Revenue's appeals and partially allowed the Assessee's appeal, ruling in favor of the Assessee on the treatment of loyalty commission as a legitimate business expense and allowing depreciation on it. The Tribunal upheld the classification of bank interest as capital expenditure, remanding the issue of unabsorbed depreciation quantification for further consideration. The penalty under section 271(1)(c) was canceled due to genuine disclosure of facts by the Assessee, following the decision in CIT Vs. Reliance Petroproducts Pvt. Ltd. en-us Fri, 09 Jan 2015 00:00:00 +0530 Fri, 30 Jan 2015 12:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256054 The Tribunal dismissed the Revenue's appeals and partially allowed the Assessee's appeal, ruling in favor of the Assessee on the treatment of loyalty commission as a legitimate business expense and allowing depreciation on it. The Tribunal upheld the classification of bank interest as capital expenditure, remanding the issue of unabsorbed depreciation quantification for further consideration. The penalty under section 271(1)(c) was canceled due to genuine disclosure of facts by the Assessee, following the decision in CIT Vs. Reliance Petroproducts Pvt. Ltd. Case-Laws Income Tax Fri, 09 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256054