https://www.taxtmi.com/caselaws?id=10888 The court ruled in favor of the Revenue against the assessee in all issues. The court held that the perquisites value for directors should be determined based on actual expenditure, not Income-tax Rules. Additionally, the assessee was deemed not the owner of tenements acquired under a hire purchase agreement, disallowing depreciation claims. Loss due to exchange rate fluctuation was treated as capital expenditure, restricting deductions under section 80-O. The court upheld limitations on deductions for income received in convertible foreign exchange and disallowed claims for weighted deductions under section 35B. Surtax disallowance and restriction of legal expense deductions to Rs. 5,000 were also affirmed against the assessee. en-us Thu, 26 Feb 2004 00:00:00 +0530 Mon, 27 Jul 2009 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10888 The court ruled in favor of the Revenue against the assessee in all issues. The court held that the perquisites value for directors should be determined based on actual expenditure, not Income-tax Rules. Additionally, the assessee was deemed not the owner of tenements acquired under a hire purchase agreement, disallowing depreciation claims. Loss due to exchange rate fluctuation was treated as capital expenditure, restricting deductions under section 80-O. The court upheld limitations on deductions for income received in convertible foreign exchange and disallowed claims for weighted deductions under section 35B. Surtax disallowance and restriction of legal expense deductions to Rs. 5,000 were also affirmed against the assessee. Case-Laws Income Tax Thu, 26 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10888