https://www.taxtmi.com/caselaws?id=395669 Prepaid expenses not routed through the profit and loss account were to be claimed in the year of accrual, training expenditure for new products was treated as revenue in nature, depreciation was not denied merely because equipment was placed at employees' residences, and routine repair and maintenance items such as networking, cabling, electrical and furniture work were not capital expenditure. Gifts sent abroad and related import charges lacked proof of business nexus and were disallowed, while travelling and sales promotion expenses supported only by incomplete evidence were subject to reasonable estimated disallowance, with the percentage reduced in view of the available material. en-us Fri, 22 May 2020 00:00:00 +0530 Tue, 02 Jun 2020 09:21:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395669 Prepaid expenses not routed through the profit and loss account were to be claimed in the year of accrual, training expenditure for new products was treated as revenue in nature, depreciation was not denied merely because equipment was placed at employees' residences, and routine repair and maintenance items such as networking, cabling, electrical and furniture work were not capital expenditure. Gifts sent abroad and related import charges lacked proof of business nexus and were disallowed, while travelling and sales promotion expenses supported only by incomplete evidence were subject to reasonable estimated disallowance, with the percentage reduced in view of the available material. Case-Laws Income Tax Fri, 22 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395669