https://www.taxtmi.com/caselaws?id=305403 The Tribunal allowed the assessee's appeal in part, directing the AO to fully allow depreciation on computer software expenses, foreign travel expenses, hotel and airfare expenses for foreign visitors, and to adjust MODVAT in closing stock as per methodology in previous years. Disallowances under sections 14A, 43B, and 234D were reversed, while bad debts and advances written-off were allowed as business expenditure. The Tribunal also directed re-computation of deductions under section 80HHC and disagreed with the AO's treatment of notional rental value and depreciation rates on DLP projectors. The issue of certain items exclusion from book profits was remanded to the AO for further consideration. en-us Fri, 30 Apr 2021 00:00:00 +0530 Sat, 03 Dec 2022 05:00:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305403 The Tribunal allowed the assessee's appeal in part, directing the AO to fully allow depreciation on computer software expenses, foreign travel expenses, hotel and airfare expenses for foreign visitors, and to adjust MODVAT in closing stock as per methodology in previous years. Disallowances under sections 14A, 43B, and 234D were reversed, while bad debts and advances written-off were allowed as business expenditure. The Tribunal also directed re-computation of deductions under section 80HHC and disagreed with the AO's treatment of notional rental value and depreciation rates on DLP projectors. The issue of certain items exclusion from book profits was remanded to the AO for further consideration. Case-Laws Income Tax Fri, 30 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305403