https://www.taxtmi.com/caselaws?id=292285 The Tribunal upheld the deletion of disallowances under Rule 6B and on account of Modvat credit. It addressed the computation of capital gains on the sale of the fibre glass division and classified the loss on the sale of units of Unit Trust of India as a business loss. The Tribunal upheld the deletion of earlier years' expenses and disallowed certain expenses like travelling, guest house, and entertainment expenses. It also upheld the disallowance of the write-off of leasehold land and lease rent. The Tribunal dismissed some grounds and restored others for further verification, ensuring a comprehensive adjudication based on legal principles and precedents. en-us Tue, 04 Nov 2008 00:00:00 +0530 Thu, 17 Dec 2020 16:45:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292285 The Tribunal upheld the deletion of disallowances under Rule 6B and on account of Modvat credit. It addressed the computation of capital gains on the sale of the fibre glass division and classified the loss on the sale of units of Unit Trust of India as a business loss. The Tribunal upheld the deletion of earlier years' expenses and disallowed certain expenses like travelling, guest house, and entertainment expenses. It also upheld the disallowance of the write-off of leasehold land and lease rent. The Tribunal dismissed some grounds and restored others for further verification, ensuring a comprehensive adjudication based on legal principles and precedents. Case-Laws Income Tax Tue, 04 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292285