https://www.taxtmi.com/caselaws?id=292039 The ITAT allowed the appeal in part for statistical purposes. The disallowance of penalty charges, addition on account of discount, disallowance under section 14A, addition under section 40(a)(ia), and non-allowance of set off of carry forward loss were all decided in favor of the assessee. However, issues regarding payment made to an individual under section 40A(2), foreign travel expenses disallowance, and under-valuation of closing stock were either remanded or upheld against the assessee. en-us Tue, 25 Jun 2013 00:00:00 +0530 Fri, 04 Dec 2020 18:09:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292039 The ITAT allowed the appeal in part for statistical purposes. The disallowance of penalty charges, addition on account of discount, disallowance under section 14A, addition under section 40(a)(ia), and non-allowance of set off of carry forward loss were all decided in favor of the assessee. However, issues regarding payment made to an individual under section 40A(2), foreign travel expenses disallowance, and under-valuation of closing stock were either remanded or upheld against the assessee. Case-Laws Income Tax Tue, 25 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292039