https://www.taxtmi.com/caselaws?id=22472 The High Court ruled in favor of the applicants in a case concerning the valuation of sugarcane, directing it to be valued at higher rates claimed by the applicants. The court allowed fees paid for issuing bonus shares as a business expenditure, citing relevant legal provisions. It held that the disallowance of 25% of advertisement expenses for souvenirs was unjustified as the expenses were incurred for business purposes. The court referred the issue of revenue loss due to the destruction of a sugar godown to a larger bench for clarification on the Tribunal's jurisdiction to entertain new grounds. en-us Thu, 28 Feb 1991 00:00:00 +0530 Thu, 10 Dec 2009 12:43:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22472 The High Court ruled in favor of the applicants in a case concerning the valuation of sugarcane, directing it to be valued at higher rates claimed by the applicants. The court allowed fees paid for issuing bonus shares as a business expenditure, citing relevant legal provisions. It held that the disallowance of 25% of advertisement expenses for souvenirs was unjustified as the expenses were incurred for business purposes. The court referred the issue of revenue loss due to the destruction of a sugar godown to a larger bench for clarification on the Tribunal's jurisdiction to entertain new grounds. Case-Laws Income Tax Thu, 28 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22472