https://www.taxtmi.com/caselaws?id=176048 The Tribunal partly allowed the appeals for the assessment years 1996-97 and 1997-98. It ruled in favor of the assessee on claims for depreciation on leased assets and deductions for power generation under s. 80-IA. However, it upheld disallowances related to guest house expenses and expenditure on presentation articles, deciding these against the assessee. The Tribunal also provided guidance on the computation of deductions under s. 80HHC, allowing netting of interest if a business nexus was established. The levy of interest under s. 234B was noted as consequential and not requiring separate adjudication. en-us Tue, 21 Jun 2005 00:00:00 +0530 Tue, 30 Apr 2024 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176048 The Tribunal partly allowed the appeals for the assessment years 1996-97 and 1997-98. It ruled in favor of the assessee on claims for depreciation on leased assets and deductions for power generation under s. 80-IA. However, it upheld disallowances related to guest house expenses and expenditure on presentation articles, deciding these against the assessee. The Tribunal also provided guidance on the computation of deductions under s. 80HHC, allowing netting of interest if a business nexus was established. The levy of interest under s. 234B was noted as consequential and not requiring separate adjudication. Case-Laws Income Tax Tue, 21 Jun 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176048