https://www.taxtmi.com/caselaws?id=259726 Deduction claims under sections 35D and 37(1) were remanded for fresh factual verification because industrial undertaking status had not been examined on relevant facts. Disallowance under section 14A for deductions linked to sections 10(23G) and 10(33), and for book profit under section 115JA, was also restored since the availability of own surplus funds and the impact on book profit had not been properly considered. Club membership expenses for executives were allowed as business expenditure, subject to verification of any capitalised entrance fee. Interest on borrowed capital was allowed despite book capitalisation, and depreciation on genuine leased assets was upheld. en-us Fri, 10 Apr 2015 00:00:00 +0530 Mon, 18 May 2015 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259726 Deduction claims under sections 35D and 37(1) were remanded for fresh factual verification because industrial undertaking status had not been examined on relevant facts. Disallowance under section 14A for deductions linked to sections 10(23G) and 10(33), and for book profit under section 115JA, was also restored since the availability of own surplus funds and the impact on book profit had not been properly considered. Club membership expenses for executives were allowed as business expenditure, subject to verification of any capitalised entrance fee. Interest on borrowed capital was allowed despite book capitalisation, and depreciation on genuine leased assets was upheld. Case-Laws Income Tax Fri, 10 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259726