https://www.taxtmi.com/caselaws?id=466586 Allowability of business expenditure: foreign travel costs for spouses accompanying employees were held deductible as wholly and exclusively for business and allowed. Apportionment of common head office overheads: matters relating to allocation for computing industrial undertakings' deductions were remitted to the assessing officer for de novo computation in accordance with prior Tribunal directions. Set off of prior losses: profits of eligible industrial undertakings must be reduced by brought forward losses and unabsorbed depreciation when computing deductions, and that claim by the assessee was rejected. Reduction of specified receipts: partial allowance for 90% reductions was directed for certain receipts and other categories were restored or confirmed as per precedent. Various accounting and turnover issues were mixed and several remanded for fresh adjudication. en-us Tue, 16 May 2023 00:00:00 +0530 Tue, 10 Feb 2026 10:26:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466586 Allowability of business expenditure: foreign travel costs for spouses accompanying employees were held deductible as wholly and exclusively for business and allowed. Apportionment of common head office overheads: matters relating to allocation for computing industrial undertakings' deductions were remitted to the assessing officer for de novo computation in accordance with prior Tribunal directions. Set off of prior losses: profits of eligible industrial undertakings must be reduced by brought forward losses and unabsorbed depreciation when computing deductions, and that claim by the assessee was rejected. Reduction of specified receipts: partial allowance for 90% reductions was directed for certain receipts and other categories were restored or confirmed as per precedent. Various accounting and turnover issues were mixed and several remanded for fresh adjudication. Case-Laws Income Tax Tue, 16 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466586