https://www.taxtmi.com/caselaws?id=280905 Foreign travel expenditure incurred to explore acquisition of a company in the same line of business was treated as business expenditure because the acquisition was an of the existing business, so the disallowance was deleted. Financial charges at head office were not allocated to eligible industrial units under section 80IB because the units had their own surplus funds and no factual basis showed that they bore those borrowings, so deduction was allowed without such allocation. Employees' provident fund contribution deposited before the return-filing due date did not attract disallowance. Section 14A read with Rule 8D also did not apply because no exempt income was earned, so the related disallowance was deleted. en-us Fri, 25 May 2018 00:00:00 +0530 Sat, 25 May 2019 09:52:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280905 Foreign travel expenditure incurred to explore acquisition of a company in the same line of business was treated as business expenditure because the acquisition was an of the existing business, so the disallowance was deleted. Financial charges at head office were not allocated to eligible industrial units under section 80IB because the units had their own surplus funds and no factual basis showed that they bore those borrowings, so deduction was allowed without such allocation. Employees' provident fund contribution deposited before the return-filing due date did not attract disallowance. Section 14A read with Rule 8D also did not apply because no exempt income was earned, so the related disallowance was deleted. Case-Laws Income Tax Fri, 25 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280905