Assessee's Claims Approved: Sales Promotion, Insurance, and Interest Expenses Validated by Assessing Officer's Ruling.

Assessee's Claims Approved: Sales Promotion, Insurance, and Interest Expenses Validated by Assessing Officer's Ruling. https://www.taxtmi.com/highlights?id=84824 Assessee's claims allowed: 1) Sales promotion expenses booked on gross basis and settled on actual utilization basis as per matching principle and regularly followed accounting method. 2) Insurance expenditure paid to National Insurance Company for enhancing sum insured and part of premium policy already paid. 3) Interest on delayed payment treated as allowable financial charge, being in nature of revenue expenditure and not connected to acquisition of capital asset. en-us Mon, 13 Jan 2025 10:16:17 +0530 Mon, 13 Jan 2025 10:16:17 +0530 TaxTMI RSS Generator Assessee's Claims Approved: Sales Promotion, Insurance, and Interest Expenses Validated by Assessing Officer's Ruling. https://www.taxtmi.com/highlights?id=84824 Assessee's claims allowed: 1) Sales promotion expenses booked on gross basis and settled on actual utilization basis as per matching principle and regularly followed accounting method. 2) Insurance expenditure paid to National Insurance Company for enhancing sum insured and part of premium policy already paid. 3) Interest on delayed payment treated as allowable financial charge, being in nature of revenue expenditure and not connected to acquisition of capital asset. Highlights Income Tax Mon, 13 Jan 2025 10:16:17 +0530 https://www.taxtmi.com/highlights?id=84824