https://www.taxtmi.com/caselaws?id=267678 The Tribunal upheld the decision to disallow club entrance fee as business expenditure, reducing the disallowed amount from Rs. 10 lakhs to Rs. 3 lakhs based on the refundability of the amount. Additionally, the Tribunal allowed the deduction under section 80-IB of the Act to the Gumbase unit after remanding the matter to determine the market value of transferred goods. The final deduction amount was reduced to Rs. 8,10,18,150 from the original claim of Rs. 11,08,78,645. The Tribunal dismissed the Revenue's appeal, affirming the assessee's claim under section 80-IB of the Act based on the fair market value of the goods transferred. en-us Fri, 09 Oct 2015 00:00:00 +0530 Tue, 10 Nov 2015 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267678 The Tribunal upheld the decision to disallow club entrance fee as business expenditure, reducing the disallowed amount from Rs. 10 lakhs to Rs. 3 lakhs based on the refundability of the amount. Additionally, the Tribunal allowed the deduction under section 80-IB of the Act to the Gumbase unit after remanding the matter to determine the market value of transferred goods. The final deduction amount was reduced to Rs. 8,10,18,150 from the original claim of Rs. 11,08,78,645. The Tribunal dismissed the Revenue's appeal, affirming the assessee's claim under section 80-IB of the Act based on the fair market value of the goods transferred. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267678