https://www.taxtmi.com/caselaws?id=60645 In a tax commentary on composite business deductions and allied disallowances, prior consistent relief was followed to hold that incentive wages were not disallowable, as no fresh material justified a different view. MODVAT adjustments were treated as revenue-neutral and did not require further addition to closing stock absent proof of profit distortion. Export profits of the Haldia unit were to be computed under the composite-business approach for export deduction purposes. Deduction under section 32AB could not be denied merely because deposits and investments were not traced to each receipt, where common-fund accounting and audit evidence showed compliance. Staff recreation club payments were treated as welfare expenditure and not hit by the disallowance provision. en-us Tue, 28 Dec 1999 00:00:00 +0530 Sun, 06 Feb 2011 05:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60645 In a tax commentary on composite business deductions and allied disallowances, prior consistent relief was followed to hold that incentive wages were not disallowable, as no fresh material justified a different view. MODVAT adjustments were treated as revenue-neutral and did not require further addition to closing stock absent proof of profit distortion. Export profits of the Haldia unit were to be computed under the composite-business approach for export deduction purposes. Deduction under section 32AB could not be denied merely because deposits and investments were not traced to each receipt, where common-fund accounting and audit evidence showed compliance. Staff recreation club payments were treated as welfare expenditure and not hit by the disallowance provision. Case-Laws Income Tax Tue, 28 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60645