https://www.taxtmi.com/caselaws?id=55298 The Tribunal upheld the inclusion of advance license benefit receivable in the total income for the assessment year 1995-96, stating that the benefit accrues upon fulfilling the export obligation. It allowed the deduction of interest capitalized for the unit under construction and commission paid to directors. The Tribunal rejected the claim for deduction of premium on leasehold land and disallowances under various sections, remanding some issues for fresh consideration. It directed the Assessing Officer to grant credit for tax deducted at source and recompute additional tax levied. The Tribunal upheld the deduction of traveling and salary expenses for new units and directed verification for sales at differential rates and interest paid. en-us Tue, 22 May 2001 00:00:00 +0530 Thu, 25 Nov 2010 12:41:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55298 The Tribunal upheld the inclusion of advance license benefit receivable in the total income for the assessment year 1995-96, stating that the benefit accrues upon fulfilling the export obligation. It allowed the deduction of interest capitalized for the unit under construction and commission paid to directors. The Tribunal rejected the claim for deduction of premium on leasehold land and disallowances under various sections, remanding some issues for fresh consideration. It directed the Assessing Officer to grant credit for tax deducted at source and recompute additional tax levied. The Tribunal upheld the deduction of traveling and salary expenses for new units and directed verification for sales at differential rates and interest paid. Case-Laws Income Tax Tue, 22 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55298