https://www.taxtmi.com/caselaws?id=431218 Unutilised CENVAT credit relatable to capital goods must be adjusted against the asset's actual cost under Explanation 9 to section 43, so the related disallowance was sustained. A payment to a foundation, though donation-like and potentially within section 80G, was treated as deductible business expenditure under section 37(1) because it was incurred wholly and exclusively for business purposes and was commercially expedient. The document also notes that sections 37(1) and 80G are not mutually exclusive, and that one remaining matter was remitted for fresh adjudication. en-us Tue, 06 Dec 2022 00:00:00 +0530 Fri, 03 Mar 2023 16:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431218 Unutilised CENVAT credit relatable to capital goods must be adjusted against the asset's actual cost under Explanation 9 to section 43, so the related disallowance was sustained. A payment to a foundation, though donation-like and potentially within section 80G, was treated as deductible business expenditure under section 37(1) because it was incurred wholly and exclusively for business purposes and was commercially expedient. The document also notes that sections 37(1) and 80G are not mutually exclusive, and that one remaining matter was remitted for fresh adjudication. Case-Laws Income Tax Tue, 06 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431218