https://www.taxtmi.com/caselaws?id=345492 The Tribunal ordered the restoration of certain issues to the CIT (Appeals) for fresh examination due to lack of detailed reasoning. Disallowance of expenses incurred on modernization and renovation was restored for reconsideration. The disallowance of depreciation related to capital grant-in-aid was deleted, as the grant was not fully utilized for acquiring assets. Addition under section 40(a)(ia) for transport charges was deleted, as they were part of the cost of goods sold. Disallowance of guarantee commission and commitment charges was upheld, as the expenses were not adequately justified. en-us Mon, 21 Nov 2016 00:00:00 +0530 Wed, 19 Jul 2017 10:19:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345492 The Tribunal ordered the restoration of certain issues to the CIT (Appeals) for fresh examination due to lack of detailed reasoning. Disallowance of expenses incurred on modernization and renovation was restored for reconsideration. The disallowance of depreciation related to capital grant-in-aid was deleted, as the grant was not fully utilized for acquiring assets. Addition under section 40(a)(ia) for transport charges was deleted, as they were part of the cost of goods sold. Disallowance of guarantee commission and commitment charges was upheld, as the expenses were not adequately justified. Case-Laws Income Tax Mon, 21 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345492