https://www.taxtmi.com/caselaws?id=343038 Eligibility for deductions and disallowances under the Income-tax Act turned on the statutory character of each payment or receipt. A contribution to a political-awareness trust was held outside section 80GGB for the relevant year because the provision then covered only sums contributed to a political party. A bona fide and consistently applied change in accounting method for copper concentrate purchases was accepted under section 145, while expenditure on issuing FCC bonds was treated as allowable business expenditure. Notional interest on advances to overseas subsidiaries, transfer pricing adjustments, and section 80-IB claims on ancillary income required fresh factual verification. Deduction for captive power generation under section 80-IA was accepted, and pre-rule 8D section 14A disallowance was estimated. en-us Wed, 29 Mar 2017 00:00:00 +0530 Wed, 02 Aug 2017 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343038 Eligibility for deductions and disallowances under the Income-tax Act turned on the statutory character of each payment or receipt. A contribution to a political-awareness trust was held outside section 80GGB for the relevant year because the provision then covered only sums contributed to a political party. A bona fide and consistently applied change in accounting method for copper concentrate purchases was accepted under section 145, while expenditure on issuing FCC bonds was treated as allowable business expenditure. Notional interest on advances to overseas subsidiaries, transfer pricing adjustments, and section 80-IB claims on ancillary income required fresh factual verification. Deduction for captive power generation under section 80-IA was accepted, and pre-rule 8D section 14A disallowance was estimated. Case-Laws Income Tax Wed, 29 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343038