https://www.taxtmi.com/caselaws?id=58793 Employee-director remuneration was treated as governed by the director-specific restriction under section 40(c) rather than section 40A(5), while the value of chauffeur-driven car perquisites was required to be computed under the prescribed Income-tax Rules. Weighted deduction under section 35B was allowed only to the extent the foreign travel expenditure fell within the eligible export-promotion category. Expenditure on development work, repairs, replacements and cable re-routing was characterised as revenue because it merely restored efficiency and did not create an enduring capital asset. The hotel business was regarded as set up once licences, registrations and initial operations showed readiness to commence business, supporting depreciation claims. The remaining development expenditure was allowed as part of the earlier accepted claim, and interest relief under sections 139, 215 and 216 followed consequentially, while investment allowance required fresh consideration. en-us Wed, 27 Nov 1991 00:00:00 +0530 Wed, 22 Dec 2010 12:08:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58793 Employee-director remuneration was treated as governed by the director-specific restriction under section 40(c) rather than section 40A(5), while the value of chauffeur-driven car perquisites was required to be computed under the prescribed Income-tax Rules. Weighted deduction under section 35B was allowed only to the extent the foreign travel expenditure fell within the eligible export-promotion category. Expenditure on development work, repairs, replacements and cable re-routing was characterised as revenue because it merely restored efficiency and did not create an enduring capital asset. The hotel business was regarded as set up once licences, registrations and initial operations showed readiness to commence business, supporting depreciation claims. The remaining development expenditure was allowed as part of the earlier accepted claim, and interest relief under sections 139, 215 and 216 followed consequentially, while investment allowance required fresh consideration. Case-Laws Income Tax Wed, 27 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58793