https://www.taxtmi.com/caselaws?id=59463 Legal and professional fees were disallowed because the assessee did not produce satisfactory independent evidence to prove that the expenditure was genuinely incurred for services rendered. Profit from sale of scrap was held eligible for deduction under section 80HH, as the scrap had a direct nexus with the industrial undertaking and arose from industrial activity. Reassessment under section 147 was upheld because the original assessment had not formed any view on the applicable tax rate, and the lower rate issue fell within escaped assessment. On classification, the trading and investment categories were treated separately, and the company, being a manufacturing concern, was taxable at 45% rather than 50%. en-us Thu, 08 May 2003 00:00:00 +0530 Wed, 29 Dec 2010 18:25:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59463 Legal and professional fees were disallowed because the assessee did not produce satisfactory independent evidence to prove that the expenditure was genuinely incurred for services rendered. Profit from sale of scrap was held eligible for deduction under section 80HH, as the scrap had a direct nexus with the industrial undertaking and arose from industrial activity. Reassessment under section 147 was upheld because the original assessment had not formed any view on the applicable tax rate, and the lower rate issue fell within escaped assessment. On classification, the trading and investment categories were treated separately, and the company, being a manufacturing concern, was taxable at 45% rather than 50%. Case-Laws Income Tax Thu, 08 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59463