https://www.taxtmi.com/caselaws?id=191121 The Tribunal partly allowed the appeals of both the Revenue and the Assessee. The Tribunal upheld the deletion of earlier year's expenses, allowance of interest paid to Financial Institution, deletion of addition as bad debts, allowing depreciation on exchange rate difference, deletion of modvat credit on capital goods and allowance of depreciation, deletion of addition as sales promotion expenses, and disallowance of reimbursement to employees against traveling and advertisement expenses. However, the Tribunal upheld the notional interest on advances to subsidiary companies, disallowance of traveling expenses, disallowance of repairs to factory building, and disallowance of advertisement expenses. en-us Fri, 11 May 2012 00:00:00 +0530 Tue, 21 Mar 2017 16:38:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191121 The Tribunal partly allowed the appeals of both the Revenue and the Assessee. The Tribunal upheld the deletion of earlier year's expenses, allowance of interest paid to Financial Institution, deletion of addition as bad debts, allowing depreciation on exchange rate difference, deletion of modvat credit on capital goods and allowance of depreciation, deletion of addition as sales promotion expenses, and disallowance of reimbursement to employees against traveling and advertisement expenses. However, the Tribunal upheld the notional interest on advances to subsidiary companies, disallowance of traveling expenses, disallowance of repairs to factory building, and disallowance of advertisement expenses. Case-Laws Income Tax Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191121