https://www.taxtmi.com/caselaws?id=21140 The court held that the aggregate ceiling of Rs. 72,000 specified in the proviso to section 40A(5)(a) applies to all expenditures for directors, not the individual limit of Rs. 60,000 as determined by the Income-tax Officer. Regarding the interpretation of depreciation allowances under section 32(1)(iv)/35(2)(ia), the court ruled that they are alternative, not cumulative. The first question was answered in the affirmative for the assessee, while the second question was answered in the negative in favor of the Revenue. en-us Tue, 17 Nov 1992 00:00:00 +0530 Fri, 20 Nov 2009 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21140 The court held that the aggregate ceiling of Rs. 72,000 specified in the proviso to section 40A(5)(a) applies to all expenditures for directors, not the individual limit of Rs. 60,000 as determined by the Income-tax Officer. Regarding the interpretation of depreciation allowances under section 32(1)(iv)/35(2)(ia), the court ruled that they are alternative, not cumulative. The first question was answered in the affirmative for the assessee, while the second question was answered in the negative in favor of the Revenue. Case-Laws Income Tax Tue, 17 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21140