https://www.taxtmi.com/caselaws?id=424158 The Tribunal upheld the CIT(A)'s decision to delete additions of Rs. 5,26,52,120/- under section 36(1)(iii) and Rs. 8,70,99,566/- for sales promotion and advertisement expenses. It found that the assessee had sufficient own funds to cover investments, thus no disallowance of interest expenditure was warranted. Additionally, the sales promotion and advertisement expenses were deemed as business expenditures and could not be capitalized to work-in-progress. The judgment emphasized adherence to accounting standards and judicial precedents in determining the allowability of such expenses. en-us Mon, 11 Oct 2021 00:00:00 +0530 Thu, 23 Jun 2022 09:23:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424158 The Tribunal upheld the CIT(A)'s decision to delete additions of Rs. 5,26,52,120/- under section 36(1)(iii) and Rs. 8,70,99,566/- for sales promotion and advertisement expenses. It found that the assessee had sufficient own funds to cover investments, thus no disallowance of interest expenditure was warranted. Additionally, the sales promotion and advertisement expenses were deemed as business expenditures and could not be capitalized to work-in-progress. The judgment emphasized adherence to accounting standards and judicial precedents in determining the allowability of such expenses. Case-Laws Income Tax Mon, 11 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424158