https://www.taxtmi.com/caselaws?id=177942 The disallowance of impairment loss related to tea estates for A.Yr. 2007-08 was upheld by the Tribunal, emphasizing that notional losses from revaluation of assets are not allowable under section 37 of the IT Act. Additionally, the computation of taxable fringe benefit tax at Rs. 27,18,584 u/s 115WA was confirmed, with the Tribunal ruling that Rule-8 for expense apportionment did not apply. Both appeals by the assessee were dismissed based on the above reasoning and precedents cited. en-us Tue, 23 Aug 2011 00:00:00 +0530 Fri, 22 Jan 2016 14:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177942 The disallowance of impairment loss related to tea estates for A.Yr. 2007-08 was upheld by the Tribunal, emphasizing that notional losses from revaluation of assets are not allowable under section 37 of the IT Act. Additionally, the computation of taxable fringe benefit tax at Rs. 27,18,584 u/s 115WA was confirmed, with the Tribunal ruling that Rule-8 for expense apportionment did not apply. Both appeals by the assessee were dismissed based on the above reasoning and precedents cited. Case-Laws Income Tax Tue, 23 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177942