https://www.taxtmi.com/caselaws?id=59070 Section 80-I relief cannot be denied solely because an eligible new industrial undertaking lacks separate accounts; profits must be determined reasonably after considering the taxpayer's workings and hearing it. Employee-director disallowance falls under section 40(c), while medical reimbursement and non-exempt house rent allowance form part of salary for section 40A(5); actual employer-incurred car expenditure is relevant. Contractual bonus and timely superannuation contributions are deductible, but surtax and share issue expenses are not. Factory-installed air-conditioners, refrigerators and water coolers may qualify as plant for investment allowance. Excise duty on bonded closing stock requires a crystallised liability, and specified promotional expenditure may attract section 37(3A). en-us Mon, 13 Feb 1989 00:00:00 +0530 Thu, 23 Dec 2010 17:36:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59070 Section 80-I relief cannot be denied solely because an eligible new industrial undertaking lacks separate accounts; profits must be determined reasonably after considering the taxpayer's workings and hearing it. Employee-director disallowance falls under section 40(c), while medical reimbursement and non-exempt house rent allowance form part of salary for section 40A(5); actual employer-incurred car expenditure is relevant. Contractual bonus and timely superannuation contributions are deductible, but surtax and share issue expenses are not. Factory-installed air-conditioners, refrigerators and water coolers may qualify as plant for investment allowance. Excise duty on bonded closing stock requires a crystallised liability, and specified promotional expenditure may attract section 37(3A). Case-Laws Income Tax Mon, 13 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59070