https://www.taxtmi.com/caselaws?id=369942 The Tribunal allowed the assessee's appeal on the disallowance under Section 14A as the Assessing Officer's satisfaction was deemed generic. Foreign travel expenses were remitted for verification to ensure they were for business purposes. The reclassification of fixed assets was allowed in favor of the assessee based on consistency. The disallowance of provision for leave encashment was upheld. The Tribunal directed fresh adjudication on product development expenses based on the date of recognition. Demat charges were allowed as expenses. The issue of bogus purchases was remanded for categorization and verification. Rent expenses were allowed, but depreciation on leased property was remanded. Higher depreciation rates for windmill-related works were granted. Selling and distribution expenses disallowance was overturned. Wealth tax paid was allowed as a deduction for computing book profits. en-us Fri, 12 Oct 2018 00:00:00 +0530 Tue, 06 Nov 2018 08:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369942 The Tribunal allowed the assessee's appeal on the disallowance under Section 14A as the Assessing Officer's satisfaction was deemed generic. Foreign travel expenses were remitted for verification to ensure they were for business purposes. The reclassification of fixed assets was allowed in favor of the assessee based on consistency. The disallowance of provision for leave encashment was upheld. The Tribunal directed fresh adjudication on product development expenses based on the date of recognition. Demat charges were allowed as expenses. The issue of bogus purchases was remanded for categorization and verification. Rent expenses were allowed, but depreciation on leased property was remanded. Higher depreciation rates for windmill-related works were granted. Selling and distribution expenses disallowance was overturned. Wealth tax paid was allowed as a deduction for computing book profits. Case-Laws Income Tax Fri, 12 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369942