https://www.taxtmi.com/caselaws?id=445847 Inter-unit power transfers by eligible captive units may be valued at the open-market rate actually available to consuming units; a distribution-company benchmark cannot displace that rate without cogent rejection. Interest on perpetual non-convertible debentures used for business is deductible where the instruments are treated as borrowings rather than equity. Compensatory afforestation payments required for forest clearance are revenue expenditure, while leave-encashment deductions are available for amounts actually paid within the permitted timeframe. Rule 8D cannot be invoked without recorded dissatisfaction based on the accounts, and a related book-profit addition fails with the underlying disallowance. Book-profit treatment of debenture interest requires fresh examination. en-us Tue, 07 Nov 2023 00:00:00 +0530 Wed, 26 Jun 2024 16:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445847 Inter-unit power transfers by eligible captive units may be valued at the open-market rate actually available to consuming units; a distribution-company benchmark cannot displace that rate without cogent rejection. Interest on perpetual non-convertible debentures used for business is deductible where the instruments are treated as borrowings rather than equity. Compensatory afforestation payments required for forest clearance are revenue expenditure, while leave-encashment deductions are available for amounts actually paid within the permitted timeframe. Rule 8D cannot be invoked without recorded dissatisfaction based on the accounts, and a related book-profit addition fails with the underlying disallowance. Book-profit treatment of debenture interest requires fresh examination. Case-Laws Income Tax Tue, 07 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445847