https://www.taxtmi.com/caselaws?id=191115 The Tribunal ruled against the assessee regarding the late payment of employees' contribution to the provident fund, stating it should be added as income. The inclusion of excise duty on finished goods/closing stock was remanded for verification. The disallowance of depreciation on exchange rate difference provision was allowed. The disallowance of MODVAT received on capital assets was not warranted. The disallowance of product development expenses was restored. The addition on account of income accrued from an arbitration award was upheld. The disallowance of bad debts was also upheld. The appeals were partly allowed for statistical purposes, with various decisions made on the COs of the assessee. en-us Thu, 25 Jul 2013 00:00:00 +0530 Tue, 21 Mar 2017 14:42:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191115 The Tribunal ruled against the assessee regarding the late payment of employees' contribution to the provident fund, stating it should be added as income. The inclusion of excise duty on finished goods/closing stock was remanded for verification. The disallowance of depreciation on exchange rate difference provision was allowed. The disallowance of MODVAT received on capital assets was not warranted. The disallowance of product development expenses was restored. The addition on account of income accrued from an arbitration award was upheld. The disallowance of bad debts was also upheld. The appeals were partly allowed for statistical purposes, with various decisions made on the COs of the assessee. Case-Laws Income Tax Thu, 25 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191115