https://www.taxtmi.com/caselaws?id=282153 The article discusses several income-tax issues arising in a company assessment, including disallowance of aircraft, vehicle, car lease and telephone on alleged personal use, allowability of prior period expenses, bad debts, club fees, repairs, forward contract losses, liquidated damages, leave encashment and CENVAT adjustments, and computation of book profits under section 115JB in light of a BIFR rehabilitation scheme. It also covers section 14A and interest disallowances, and the taxability of lease rental income and sales tax deferral discount. The Tribunal's approach gave weight to business nexus, accrued liability, consistent accounting treatment and the binding effect of the rehabilitation scheme, while sustaining only limited disallowances and factual verifications. en-us Fri, 01 Sep 2017 00:00:00 +0530 Wed, 24 Jul 2019 09:08:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282153 The article discusses several income-tax issues arising in a company assessment, including disallowance of aircraft, vehicle, car lease and telephone on alleged personal use, allowability of prior period expenses, bad debts, club fees, repairs, forward contract losses, liquidated damages, leave encashment and CENVAT adjustments, and computation of book profits under section 115JB in light of a BIFR rehabilitation scheme. It also covers section 14A and interest disallowances, and the taxability of lease rental income and sales tax deferral discount. The Tribunal's approach gave weight to business nexus, accrued liability, consistent accounting treatment and the binding effect of the rehabilitation scheme, while sustaining only limited disallowances and factual verifications. Case-Laws Income Tax Fri, 01 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282153