https://www.taxtmi.com/caselaws?id=3454 The commentary examines five tax issues: the allowability of silverware and Diwali watch gifts as business expenditure, disallowance of interest on interest-free advances made without business purpose, exclusion of sales tax and central sales tax from total turnover under section 80HHC, and the commencement year for deduction under section 80-I. It states that business-linked gifts to dealers, visitors and employees may be deductible where a commercial nexus is shown, while interest on borrowed funds is not deductible to the extent the funds are diverted for non-business use. It also notes that statutory turnover levies are excluded for section 80HHC computation and that the initial year of manufacture governs the section 80-I deduction period. en-us Fri, 22 Dec 2006 00:00:00 +0530 Mon, 28 Jul 2008 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3454 The commentary examines five tax issues: the allowability of silverware and Diwali watch gifts as business expenditure, disallowance of interest on interest-free advances made without business purpose, exclusion of sales tax and central sales tax from total turnover under section 80HHC, and the commencement year for deduction under section 80-I. It states that business-linked gifts to dealers, visitors and employees may be deductible where a commercial nexus is shown, while interest on borrowed funds is not deductible to the extent the funds are diverted for non-business use. It also notes that statutory turnover levies are excluded for section 80HHC computation and that the initial year of manufacture governs the section 80-I deduction period. Case-Laws Income Tax Fri, 22 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3454