https://www.taxtmi.com/caselaws?id=466179 Assessment issues concern accounting treatment and allowability of various deductions. Reliance on mercantile system supports depreciation and revenue recognition of retention money, and those amounts are to be allowed. Forward contract premium on foreign exchange is allowable and income is to be recomputed accordingly. Disallowance relating to expenditure attributable to exempt dividend income is confined to dividend income only and the addition is deleted. Provision for warranty is allowable where historically consistent methodology is adopted and verified, and expense is to be permitted. Club and entrance fees incurred for business are reasonable and allowed. DSIR certification of research expenditure is to be respected and the research deduction permitted. Disallowance for late employee fund deposits is sustained; DDT and foreign dividend verifications are remitted for AO action. en-us Fri, 20 Sep 2024 00:00:00 +0530 Sat, 24 Jan 2026 12:25:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466179 Assessment issues concern accounting treatment and allowability of various deductions. Reliance on mercantile system supports depreciation and revenue recognition of retention money, and those amounts are to be allowed. Forward contract premium on foreign exchange is allowable and income is to be recomputed accordingly. Disallowance relating to expenditure attributable to exempt dividend income is confined to dividend income only and the addition is deleted. Provision for warranty is allowable where historically consistent methodology is adopted and verified, and expense is to be permitted. Club and entrance fees incurred for business are reasonable and allowed. DSIR certification of research expenditure is to be respected and the research deduction permitted. Disallowance for late employee fund deposits is sustained; DDT and foreign dividend verifications are remitted for AO action. Case-Laws Income Tax Fri, 20 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466179