https://www.taxtmi.com/caselaws?id=58734 The ITAT upheld the disallowance of expenses incurred for increasing authorized capital, citing it as of a capital nature. Sales promotion expenses disallowed by the ITO were allowed as they were not considered entertainment-related. Expenditure on exchange rate fluctuations was disallowed as capital expenditure. Deductions under sections 80G, 80M, and 80VV were rejected due to no positive total income. The CIT (Appeals) reduced disallowances under sections 40A(5) and 40(c), with the ITAT upholding this decision. Overall, the ITAT partly allowed the assessee's appeal and dismissed the departmental appeal. en-us Thu, 08 Jul 1982 00:00:00 +0530 Tue, 21 Dec 2010 17:28:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58734 The ITAT upheld the disallowance of expenses incurred for increasing authorized capital, citing it as of a capital nature. Sales promotion expenses disallowed by the ITO were allowed as they were not considered entertainment-related. Expenditure on exchange rate fluctuations was disallowed as capital expenditure. Deductions under sections 80G, 80M, and 80VV were rejected due to no positive total income. The CIT (Appeals) reduced disallowances under sections 40A(5) and 40(c), with the ITAT upholding this decision. Overall, the ITAT partly allowed the assessee's appeal and dismissed the departmental appeal. Case-Laws Income Tax Thu, 08 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58734